• Trump plans to send letters to countries detailing new tariff rates starting Friday.
• Tariff rates could range from 10% to as high as 70% depending on the country.
• The first notifications will be sent out on July 5 ahead of the August 1 enforcement.
• Business uncertainty remains as many countries have not finalized agreements.
• Trade negotiations are ongoing to possibly lower proposed tariffs before they take effect.

President Donald Trump announced that he will begin sending letters to various countries on Friday, detailing the new tariff rates that will take effect on August 1. The tariffs will range significantly, with potential rates between 10% and 70%, marking a substantial increase from earlier projections. "We're going to be sending some letters out, starting probably tomorrow," Trump stated. He indicated that the letters would provide clarity ahead of the July 9 deadline for negotiations, which could influence many trading partners, according to aa and thejakartapost.

During his remarks, Trump emphasized the simplicity of sending letters over negotiating complex trade deals, saying, "My inclination is to send a letter out and say what tariff they're going to be paying." This direct approach aims to streamline communication with countries ahead of the pending tariff deadlines. In the past, the tariffs have been part of a broader strategy to protect U.S. industries, and the negotiations have been complicated, as several countries are trying to finalize their deals with the U.S. government, according to BBC and indiatimes.

As countries receive their individual tariff letters, many U.S. businesses await clarity on the costs associated with imports. Trump noted that some tariffs could be "even higher than the original ones," a situation that has left many businesses uncertain. The expectation is that the final tariffs, once confirmed post-deadline, could majorly impact trade dynamics and economic relations, especially for countries still in negotiation, reports Times of India and Times of India.