Since the ‘Liberation Day’ announcement, when Trump announced ‘reciprocal’ tariffs on individual countries that were meant to be applied on 9 April, Trump and his administration implemented a 90-day pause and have applied a standard rate of 10% to almost all countries importing goods to the US (aside from outliers including China, Canada and Mexico, which have constantly varied).
Now, Treasury Scott Bessent has said that if countries do not negotiate “in good faith”, the ‘reciprocal’ tariffs are back on the table. Assuming this means tariffs would kick in after the 90-day pause, this would mean individual ‘reciprocal’ rates could be in effect from 8 July.
Bessent said the US administration will be focused on its 18 most important trading relationships, including trading partners Canada, the UK, India and China. Other trade partners that could have tariffs rolled back have not yet been named. Bessent said that the administration would send letters to each nation to confirm what their tariff rates would be.
