Trump to hit 12 countries with tariffs up to 70% — details out on July 7

During a conversation with journalists aboard Air Force One, Trump said he signed letters to 12 countries. The letters specify different tariff levels that these countries will face when exporting goods to the US.

At the same time, he refused to name the countries involved. He said the information would be made public on Monday.

"I signed some letters and they'll go out on Monday, probably twelve," the US president said.

When asked about his plans on the tariff front, Trump replied: "Different amounts of money, different amounts of tariffs."

It is worth noting that in April, the US president announced the introduction of a basic tariff rate of 10%, along with additional rates for most countries. Some of these rates reached as high as 50%.

However, soon after, all rates were suspended and reduced to the basic 10% to allow more time for negotiations and deal-making.

This period ends on July 9, although Trump said on Friday morning that tariffs could be even higher, up to 70%. He also said most of them would take effect on August 9.

Reuters added that initially, Trump and his closest allies announced plans to start negotiations with dozens of countries about tariff rates. However, the US president grew frustrated with the process after repeated failures with key trading partners, including Japan and the EU.

He briefly touched on this issue Friday evening, telling journalists: "The letters are better ... much easier to send a letter."

In addition, he did not comment on his forecast that broader trade deals could be reached before the July 9 deadline.

As a reminder, a week ago, Trump said he would not need to extend the tariff pause deadline to make trade deals.

He already said then that he would prefer to make it "shorter" and simply send letters.