Trump likely to miss trade deal deadline, threatens tariff hikes on multiple nations

President Donald Trump says he is not planning to extend a 90-day pause on tariffs on most nations beyond July 9, when the negotiating period he set would expire, and his administration will notify countries that the trade penalties will take effect unless there are deals with the United States.

Letters will start going out “pretty soon” before the approaching deadline, he said.

“We’ll look at how a country treats us — are they good, are they not so good — some countries we don’t care, we’ll just send a high number out,” Trump told Fox News Channel’s “Sunday Morning Futures” during a wide-ranging interview taped Friday and broadcast Sunday (June 29).

Those letters, he said, would say, “Congratulations, we’re allowing you to shop in the United States of America, you’re going to pay a 25% tariff, or a 35% or a 50% or 10%.”

Trump had played down the deadline at a White House news conference Friday by noting how difficult it would be to work out separate deals with each nation. The administration had set a goal of reaching 90 trade deals in 90 days.

Negotiations continue, but “there are 200 countries, you can’t talk to all of them,” he said in the interview.

President Donald Trump has said he does not intend to extend the 90-day suspension of tariffs, which is due to expire on July 9, warning that countries that fail to reach trade agreements with the United States will face new penalties. His administration, he added, will begin sending formal notifications "pretty soon" ahead of the looming deadline.

“We’ll look at how a country treats us—are they good, are they not so good. Some countries we don’t care, we’ll just send a high number out,” Trump said in an interview with Fox News Channel’s Sunday Morning Futures, recorded Friday and broadcast on June 29.

The letters, he said, will inform recipients: “Congratulations, we’re allowing you to shop in the United States of America—you’re going to pay a 25% tariff, or a 35%, or a 50%, or 10%.”

At a White House press conference on Friday, Trump had downplayed the complexity of the task, noting that the administration had originally aimed to conclude 90 trade deals in 90 days. While negotiations are ongoing, Trump conceded, “There are 200 countries—you can’t talk to all of them.”

With just ten days remaining before the July 9 deadline, the White House appears far from achieving its ambitious promise to overhaul global trade. According to senior advisers, deals with up to 12 of the United States’ largest trading partners are expected to be finalised before the deadline.

So far, however, only two limited deals—one with China and another with the United Kingdom—have been reached. Observers note that these agreements cover only narrow issues, leaving many core trade disputes unresolved.

“I expect the White House will announce some sort of framework they’ll label as a trade agreement, but it won’t match what most people would consider a real deal,” said Tim Meyer, a Duke University law professor and international trade expert.

For dozens of other nations that fail to reach agreements, many of which are smaller trading partners, the president has threatened to impose tariffs well above the 10% base rate used during negotiations. “They’re looking at much higher rates,” Treasury Secretary Scott Bessent told CNBC on Friday.

Trump and his advisers have sent mixed signals ahead of the July 9 deadline, leaving investors unsure which countries are close to deals and which are falling behind.

The outcome is expected to shape the future of Trump’s trade agenda—a central pillar of his 2024 re-election campaign—and could significantly impact the global economy and US relations with allies and rivals alike.

Many nations risk tariffs above 10% as Trump eyes unilateral action

Bessent said on Friday that around 20 countries, which are unlikely to reach agreements with the United States by next Wednesday, may still continue negotiations. However, their tariffs could be reset to higher levels, as previously implemented on April 2, or remain at 10% if they are deemed to be negotiating “in good faith.”

Yet only hours later, President Trump reiterated his intent to impose tariffs unilaterally, even suggesting he might do so before the July 9 deadline. “We can do whatever we want,” he declared during a White House press conference. “I’d like to send letters to everyone saying, ‘Congratulations, you’re only paying 25%.’”

In a sudden move later that day, Trump announced on social media that the US would suspend trade negotiations with Canada in response to its digital services tax. He also threatened new tariffs on America’s second-largest trading partner within a week, interpreted by analysts as a pointed message to other leaders Trump considers uncooperative.

These rapid-fire statements serve as another stark reminder to foreign governments of how swiftly US trade policy can shift under Trump’s leadership.

Taiwan and Indonesia near deals with the US

Meanwhile, the US is reportedly close to finalising trade deals with several countries, including Taiwan and Indonesia, according to sources familiar with the talks. There is also growing optimism that agreements could soon be reached with Vietnam and South Korea.

President Trump has repeatedly referenced ongoing trade talks with India, with negotiators from both sides meeting in Washington last week to resolve key sticking points. Both the US and the European Union have expressed renewed hope of reaching agreements soon.

Commerce Secretary Howard Lutnick told Bloomberg Television on Thursday that the administration expects to conclude deals with the top 10 major economies by the end of July.