Trump Plans Blanket Tariffs on Multiple Countries Starting August

President Trump announced plans to impose increased blanket tariffs of 15% to 20% on imports from countries that have not yet received formal tariff letters, with these new rates expected to take effect from August 1. So far, letters have been sent to over 23 countries, including Canada, which faces a 35% tariff, and Brazil, targeted with tariffs as high as 50%, reflecting Trump's aggressive approach to renegotiating trade agreements. Trump defended the tariff strategy as a more efficient method than traditional negotiations, emphasizing that inflation has cooled since the tariffs were introduced, although inflation remains above the Federal Reserve's target. Critics warn that these tariff hikes could harm the U.S. economy and alienate trade partners, with some experts describing the approach as lacking a clear strategy and risking normalization of exceptionally high tariff levels. Countries like India, which have not received tariff letters, may soon be subject to the blanket tariffs if trade deals are not finalized by the deadline, with ongoing negotiations expected to resume. Overall, Trump's tariff policy continues to stir debate over its economic impact and effectiveness in securing favorable trade terms for the United States.