Tariffs could soar to 70% for some countries

President Trump has given countries until July 9 to reach a deal with the U.S.

Transcript:

CAROLINE WOODS: The clock is ticking on a major tariff deadline. The 90-day tariff grace period ends July 9th for most countries - that’s this Wednesday. If deals aren’t locked in fast, some countries could see tariffs soar as high as 70 percent. But the deadline seemingly has some wiggle room. 

President Trump told reporters late Friday that he was notifying 10 to 12 nations a day over the course of the next five days, detailing their new tariff rates via letters. In most cases, the new rates will go into effect August 1. Trump said they’ll range in value from 10-percent to as high as 60% or 70%. 

So far, the U.S. has announced two deals, with the U.K. and Vietnam, plus a framework for China. Everyone else? They're about to get the bill.

Meanwhile, in a Truth Social post late Sunday, he also threatened any countries aligning with the quote “anti-American policies” of the BRICS group of countries with an extra 10% tariffs. BRICS  stands for Brazil, Russia, India, China and South Africa but includes more countries. 

With just two days to go, the pressure is sky-high. Treasury Secretary Scott Bessent told CNN the plan was to apply “maximum pressure.” 

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