Letters will start going out to countries on Friday to notify them of the tariff rates they will face on exports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Here is where things stand with various partners:

China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.

Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.

Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.

Letters will start going out to countries on Friday to notify them of the tariff rates they will face on exports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Here is where things stand with various partners:

China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.

Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.

Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.

Letters will start going out to countries on Friday to notify them of the tariff rates they will face on exports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Here is where things stand with various partners:

China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.

Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.

Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.

Letters will start going out to countries on Friday to notify them of the tariff rates they will face on exports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Here is where things stand with various partners:

China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.

Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.

Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.

Letters will start going out to countries on Friday to notify them of the tariff rates they will face on exports to the US, Trump told reporters, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Here is where things stand with various partners:

China : The US has eased export restrictions on China for chip design software and ethane, a sign that trade tensions are calming between the two countries after they agreed in May to a framework to move toward a larger trade deal. Software firms like Synopsys (SNPS) and Cadence (CDNS) said they will now sell their chip design tools to Chinese customers again. The US also removed limits on ethane exports to China that it had set just weeks ago.

Vietnam: Trump on Wednesday said he had reached a trade deal with Vietnam, one that will see the country’s imports face a 20% tariff — lower than the 46% he had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China. Many US goods will see no duty upon import to Vietnam.

Japan: Trump earlier this week said negotiations with Japan had soured, saying he would force Japan to accept higher tariffs of “30%, 35%, or whatever the number is that we determine.” Notably, that proposal is higher than the 24% “Liberation Day” level. “They’re very tough. You have to understand, they’re very spoiled,” he said.