Sun Jul 06 14:40:00 UTC 2025: ## Trump Administration Set to Impose New Tariffs as Deadline Looms
**Washington D.C.** – President Trump is moving forward with plans to impose new tariffs on several U.S. trade partners, with the deadline for deals fast approaching on July 9th. The administration will begin notifying countries this week of the tariff rates they will face on exports to the U.S., set to take effect on August 1st.
According to Trump, the tariffs could range from 10% to as high as 70%. While the administration has been attempting to hammer out trade deals, only a handful have been successfully finalized. Treasury Secretary Scott Bessent indicated around 100 countries could face a minimum reciprocal tariff of 10% next week.
Several key trade partners are scrambling to negotiate deals or request extensions. South Korea is seeking an extension and has proposed manufacturing partnerships while requesting tariff reductions on automobiles and steel.
Meanwhile, the U.S. has eased export restrictions on China for chip design software and ethane, potentially signaling a calming of trade tensions.
Trump has stated a deal has been reached with Vietnam, imposing a 20% tariff on imports, lower than previously threatened. He also added a 40% tariff on goods transshipped through Vietnam originating from other countries.
Negotiations with Japan have reportedly soured, with Trump threatening tariffs as high as 35%. The EU has signaled willingness to accept a universal 10% tariff on exports, but seeks exemptions for key sectors. Talks with Canada have resumed after Trump threatened to cut them off, with a goal of reaching a deal by mid-July.
The move comes as China retaliates against EU restrictions by barring European medical device companies from selling to the Chinese government. China has also imposed anti-dumping duties on European brandy.
The impending tariff deadline is causing uncertainty in the global economy, with trading partners like Thailand and Indonesia rushing to secure deals.
First Piper 