#TrumpTariffs

President Trump says he will establish unilateral tariffs in a few weeks

The President of the United States, Donald Trump, told reporters on Wednesday that he would send letters to his trading partners in the next week or two, outlining unilateral tariff rates.

"We will send letters in about a week and a half or two weeks to the countries to tell them what the deal is," Trump said at the John F. Kennedy Center for the Performing Arts in Washington.

At a certain point, we will simply send letters. And I think they understand that by saying this is the deal, they can either accept it or reject it, he added.

This would bring Trump ahead of his tariff deadline, as the president previously suspended the so-called "reciprocal" tariffs for 90 days, until July 8. The higher tariffs are expected to take effect on the 9th.

So far, the United States has only managed to secure a trade framework with the United Kingdom, in addition to closing a tariff deal with China.

Nevertheless, on Wednesday Trump was optimistic about the negotiations.

"We are sweeping in terms of deals," he said. "We are negotiating with quite a few countries and everyone wants to reach a deal with us."

After talks in London, Trump said on Wednesday that China would supply magnets and rare earths from the outset and that the United States would allow Chinese students to enter its colleges and universities.

The president added that a 55% tariff would be applied to Chinese imports. A White House official, who was not authorized to publicly comment on the terms, stated that the 55% did not represent an increase from the previous 30% tariff imposed on China, as Trump was including other pre-existing import taxes. Specifically, the president was adding his base tariff of 10%, the 20% tax on fentanyl trafficking, and a pre-existing 25% tariff imposed on China.