The Blubber

President Donald Trump said Wednesday that the United States will soon notify its trading partners of new unilateral tariff terms, with formal communications expected within the next couple of weeks.

“We’re going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is,” Trump said during remarks at the John F. Kennedy Center for the Performing Arts in Washington, D.C.

“At a certain point, we’re just going to send letters out. And I think you understand that — saying, this is the deal, you can take it or leave it,” he added.

This move would come ahead of the president’s self-imposed tariff deadline. Trump had earlier paused implementation of the so-called “reciprocal” duties for 90 days, with the current delay set to expire on 8 July, and higher rates scheduled to go into effect 9 July.

Speaking to reporters, Trump said a further delay was unlikely. However, Treasury Secretary Scott Bessent previously indicated that there might be some flexibility.

“It is highly likely that those countries — or trading blocs, as is the case with the EU — that are negotiating in good faith, we will roll the date forward to continue the good-faith negotiations,” Bessent told the House Ways and Means Committee. “If someone is not negotiating, then we will not.”

To date, the U.S. has finalized a trade framework with the United Kingdom and reached a tariff agreement with China.

Despite some unresolved details, Trump struck an optimistic tone on Wednesday.

“We’re rocking in terms of deals,” he said. “We’re dealing with quite a few countries, and they all want to make a deal with us.”

Following talks in London, Trump announced that China would begin supplying magnets and rare earth materials up front. In return, the U.S. would continue allowing Chinese students to study at American colleges and universities.

The president also said that a 55% tariff would apply to imports from China. A White House official, speaking on condition of anonymity, clarified that this figure is not an increase over the existing 30% tariff. Rather, it represents a cumulative total, including the 10% base tariff, a 20% levy targeting fentanyl trafficking, and a 25% pre-existing tariff on Chinese goods.

In May, the U.S. and U.K. agreed to a trade framework designed to streamline customs procedures and reduce trade barriers. The arrangement includes lower U.S. tariffs on British steel, aluminum, and automobiles, although some details are still being negotiated and may be finalized after the 9 July deadline.