Trump set to announce new tariff rates as pause ends

President Donald Trump says he plans to send determination letters to foreign countries outlining new tariff rates.

(CNN)- U.S. businesses could soon find out exactly how much they’ll pay in tariffs for certain imported goods. President Donald Trump says he plans to send determination letters to foreign countries — possibly starting today — outlining new tariff rates.

“My inclination is to send a letter out and say what tariff they’re going to be paying,” Trump said Thursday.

With the pause on his so-called “reciprocal” tariffs set to end Wednesday, Trump says the new rates could range from 10% to as high as 70%.  “I think by the ninth they’ll be fully covered,” he said. “They’ll range in value from maybe 60- or 70-percent tariffs to 10 and 20-percent tariffs.”

While the president once touted “tailored” trade deals shortly after imposing tariffs in April, his recent comments suggest a shift in tone — sounding less confident about negotiating favorable agreements. “Far more than 170 countries, and how many deals can you make? They’re very much more complicated.”

Trump maintains that tariffs do more than provide leverage in trade talks — he argues they protect domestic industries and generate revenue. But many economists and policy experts warn the opposite may be true. Federal Reserve Chair Jerome Powell says tariffs have led to higher inflation and played a role in the Fed pausing interest rate cuts. “All inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said.