Trump Announces New Tariffs as Deadline Approaches for Trade Deals

WASHINGTON, D.C. — President Donald Trump stated on Tuesday that seven countries will receive tariff letters on Wednesday as he increases pressure on global trade partners ahead of his August 1 deadline.

Trump announced at a cabinet meeting that he plans to impose a 10% tariff on imports from the BRICS group of emerging economies, which includes Brazil, Russia, India, China, and South Africa. This announcement has raised concerns about the impact on the global economy already struggling with past market volatility.

“A minimum of seven” tariff notices will be sent out Wednesday morning, Trump said, while Commerce Secretary Howard Lutnick indicated that between 15 to 20 letters are expected over two days. The first round of letters was sent to 14 countries on Monday, including Japan and South Korea, with rates consistent with those introduced in April.

During the cabinet meeting, Trump emphasized that no extensions will be given beyond the August 1 deadline. He tweeted, “All money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted.” This statement marks a significant shift in tone from previous indications that the deadline might be flexible.

Currently, only the United Kingdom and Vietnam have struck deals with the U.S., while China has agreed to a temporary trade halt until August 12. Trump mentioned that he intends to send a tariff notice to the European Union, despite recent trade discussions.

He asserted, “If they’re a member of BRICS, they are going to have to pay a 10% tariff.” Trump explained this decision stems from a desire to defend the U.S. dollar’s status as the global reserve currency.

Trump argued that losing this status would have catastrophic implications, comparable to “losing a major world war.” BRICS, formed as a coalition of emerging markets, has recently faced scrutiny, especially in relation to a potential joint currency pushed by Brazilian President Luiz Inácio Lula da Silva.

The U.S. has also been negotiating various tariff agreements with several other nations, including ambitious plans for a significant deal with India. Negotiations are ongoing with Canada, Japan, and South Korea. Recent comments suggest that talks remain complicated, especially surrounding specific industries.

As nations navigate the impending tariffs, Trump has indicated that he is open to negotiations, but the overall tone suggests a rigid stance towards those unwilling to conform to U.S. trade demands.

“A letter means a deal,” Trump remarked during the meeting, indicating that countries must act swiftly to meet U.S. expectations or face financial penalties.