Trump announces new tariffs starting August 1, with the highest rate potentially reaching 70%.

[Trump announces new tariffs to take effect on August 1, with the highest rate possibly reaching 70%] On July 4 local time, U.S. President Trump stated that the U.S. government would start sending letters to trade partners from that day, setting new unilateral tariff rates. Trump indicated that the new tariffs would likely take effect on August 1. He mentioned that starting from the 4th, the U.S. would send out letters to multiple countries, expecting to send out '10 or 12 letters' on that day, with more letters to be sent in the coming days. Trump expects these letters to be delivered by the 9th. Previously, Trump set July 9 as the deadline for tariff negotiations. Regarding the new tariffs to be set, Trump said, 'Tariff rates could vary from 60%, 70% to 10%, 20%.' Trump noted, 'We have completed the final text of the letters, which will basically outline how much tariff these countries will have to pay.' CNN reported that it is still unclear which countries will receive these letters, but Trump has previously singled out certain trade partners, including the EU and Japan, for being too tough in negotiations. This week, Trump threatened to send a letter to 'spoiled' Japan, setting its tariff rate as high as 35%. (CCTV News)