Trump warns of higher tariff rates of up to 70% for countries without trade deals by August

I spoke to Commerce Secretary Howard Lutnick, who is in Tuesday's cabinet meeting. Secretary Lutnick telling me that deals with big trading partners like China will be negotiated next month, but we can expect President Donald Trump to send out another 15 to 20 letters in the coming days where the president is considering look what deal have they offered us, and is that. Good enough meaning have these countries open their markets sufficiently to get *** lower rate. President Trump is sharing on social media the letters he's sending out to leaders of various countries. So far he's put *** 25% tax on goods imported from South Korea and Japan and varying rates for *** dozen other countries. The president Tuesday saying those were. Tariff rates for some could go as high as 70%, but Lutnick says that's likely only if countries retaliate. President Trump also mentioned in the meeting that he's signing an order putting *** tariff of 50% on copper and plans to announce tariffs on pharmaceutical drugs at *** high rate such as 200%. Reporting from the White House, I'm Caitlin Norwood.

Updated: 5:36 PM CDT Jul 8, 2025

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Trump warns of higher tariff rates of up to 70% for countries without trade deals by August

Updated: 5:36 PM CDT Jul 8, 2025

Editorial Standards ⓘ

President Donald Trump has sent letters to at least 14 countries, setting new tariff rates that are set to take effect on Aug. 1. He warned some tariff rates could potentially reach 70%.Commerce Secretary Howard Lutnick, who attended Tuesday's cabinet meeting, said deals with major trading partners like China will be negotiated next month. He added that the president plans to send out another 15 to 20 letters in the coming days. "The president is considering what deal have they offered us? And is that deal good enough? Meaning, have these countries opened their markets efficiently to get a lower rate?" Lutnick said.President Trump has shared on social media the letters he is sending to leaders of various countries. So far, he has imposed a 25% tax on goods imported from South Korea and Japan, with varying rates for a dozen other countries. On Tuesday, the president mentioned that reciprocal tariff rates for some countries could go as high as 70%, but Lutnick noted that such rates are likely only if countries retaliate.Additionally, President Trump mentioned in the meeting that he is signing an order to impose a 50% tariff on copper and plans to announce tariffs on pharmaceutical drugs at a high rate, such as 200%.

President Donald Trump has sent letters to at least 14 countries, setting new tariff rates that are set to take effect on Aug. 1. He warned some tariff rates could potentially reach 70%.

Commerce Secretary Howard Lutnick, who attended Tuesday's cabinet meeting, said deals with major trading partners like China will be negotiated next month. He added that the president plans to send out another 15 to 20 letters in the coming days.

"The president is considering what deal have they offered us? And is that deal good enough? Meaning, have these countries opened their markets efficiently to get a lower rate?" Lutnick said.

President Trump has shared on social media the letters he is sending to leaders of various countries. So far, he has imposed a 25% tax on goods imported from South Korea and Japan, with varying rates for a dozen other countries. On Tuesday, the president mentioned that reciprocal tariff rates for some countries could go as high as 70%, but Lutnick noted that such rates are likely only if countries retaliate.

Additionally, President Trump mentioned in the meeting that he is signing an order to impose a 50% tariff on copper and plans to announce tariffs on pharmaceutical drugs at a high rate, such as 200%.

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