In a July 4th weekend statement, President Trump confirmed that letters outlining revised tariff levels will be sent out to roughly 12 nations. He declined to name the countries but acknowledged they involve "different amounts of money, different amounts of tariffs." Bloomberg reports the list includes major partners like Japan, South Korea, the European Union, India, and Vietnam.

Negotiations intensified over the holiday weekend, as countries rushed to avoid retaliatory measures or secure deadline extensions. The anticipated notices stem from Trump’s earlier pledge to recalibrate tariffs under a "reciprocal" policy framework, set to begin August 1 following the July 9 notification deadline.

Tensions Rise Across Asia and Europe

Vietnam’s foreign ministry confirmed ongoing coordination with US officials, despite Trump announcing a deal last week. Meanwhile, India signaled a hardened stance, threatening duties on American goods in response to Washington's tariffs on auto components.

South Korea is reportedly seeking a last-minute extension to delay tariffs on its car exports. Japanese Prime Minister Shigeru Ishiba said Japan is “prepared for all scenarios” and vowed to protect national interests.

Cambodia, also affected, agreed in principle to a framework deal and pledged continued cooperation despite being hit with a proposed 49% tariff—one of the highest under Trump’s revised structure.

Economic Uncertainty Looms

The new tariff push follows a 90-day freeze on rates first introduced on April 2. While markets rallied briefly after Trump’s recent legislative wins, his aggressive trade agenda risks reversing investor optimism. Analysts fear the ripple effects of heightened customs duties could trigger recession concerns and disrupt already fragile global supply chains.

Retaliatory measures from the EU and others remain likely if deals aren’t finalized swiftly. A prior technical agreement with the EU is reportedly close, but not yet confirmed.