Trump claims to send tariff letters to more than 150 countries, previewing the achievement of some trade agreements, specifically mentioning India

After notifying more than 20 American trading partners about the upcoming implementation of new reciprocal tariffs, U.S. President Trump has previewed that a wave of tariff letters is on the way.

On Wednesday, July 16, Eastern Time, Trump stated at the White House that he would send notifications to more than 150 countries informing them of the tariff rates that the U.S. would impose. The so-called "significant trade agreement" will involve sending tariff letters to 150 countries. He said:

"We will send notifications to more than 150 countries regarding payment (of tariffs), which will specify the exact tariff rates."

"Among those countries receiving notifications, all will be treated equally."

During Trump's speech, as the U.S. stock market was nearing the end of the morning session, the major indices had not completely shaken off the downward pressure from the news that Trump would fire Powell. The S&P 500 index fell more than 0.1%, the Nasdaq dropped nearly 0.2%, the Dow was nearly flat, and the Philadelphia Semiconductor Index narrowed its decline to within 1.7%. However, afterward, the Dow returned to an upward trend, and during the afternoon session, the S&P and Nasdaq turned positive, while the semiconductor index still fell over 1%.

Countries Receiving Tariff Letters Are Small in Scale and Trade

When discussing the countries that would receive tariff letters, Trump stated on Wednesday: "These countries are not large, and their trade volume is also not significant."

This statement echoed Trump's remarks from Tuesday evening.

According to Xinhua News Agency, Trump stated on the 15th that he plans to impose tariffs of over 10% on smaller countries, including those in Africa and the Caribbean.

Reports indicate that on the same day, Trump said during a media interview at Andrews Air Force Base: "We may impose a uniform tariff on all these smaller countries." He mentioned that tariffs "slightly above 10%" could be imposed on goods from at least 100 countries.

U.S. Secretary of Commerce Wilbur Ross stated on Tuesday evening that the countries referred to by Trump regarding the aforementioned tariff rates would be those in Africa and the Caribbean, where trade volumes with the U.S. are typically relatively small. This would have a relatively minor impact on Trump's goal of reducing trade imbalances with other countries.

U.S.-India Agreement Nearing Completion

On Tuesday, Trump stated that the best way for the U.S. to proceed is to send trade letters, and he mentioned that he would announce "some pretty good agreements," specifically naming India, indicating that negotiations with India are close to reaching an agreement.

On Tuesday, Trump had just announced a trade agreement with Indonesia. According to Xinhua News Agency, Trump posted on the social media platform "Truth Social" that the U.S. would impose a 19% tariff on all imported goods from Indonesia, while U.S. exports to Indonesia would enjoy tariff-free and non-tariff barrier treatment.

The 19% tariff means that among the more than 20 American trading partners that received Trump's tariff letters over the past week, Indonesia will face the lowest tariff. Indonesia has become the first trading partner to reduce tariffs through a trade agreement after receiving a threat of tariff letters According to the first wave of tariff letters announced by Trump on July 7, 14 countries including Japan and South Korea will impose tariffs ranging from 25% to 40%, with Indonesia facing a 32% tariff.

On July 9, Trump's second wave of tariff letters was issued, covering eight countries: Brunei, Algeria, Moldova, Iraq, the Philippines, Libya, and Brazil, with the 50% tariff imposed on Brazil being the highest level since the announcement of new reciprocal tariffs.

Last Thursday, according to CCTV, Trump announced that starting from August 1, a 35% tariff will be imposed on goods imported from Canada. On the same day, Trump also stated that he plans to impose a uniform tariff of 15% or 20% on countries that have not yet received tariff letters. According to Xinhua News Agency, Trump announced on Saturday, July 12, that starting from August 1, a 30% tariff will be imposed on goods imported from the European Union and Mexico.

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