US President Donald Trump said he may increase tariffs to levels above his “Liberation Day” duties, ramping up tensions days before a trade war reprieve expires.
The White House will today send letters to about a dozen countries outlining their new tariff rates, and contact more in the coming days, with levies ranging from 10% to 70% — the latter figure being higher than any of Washington’s April duties.
US tariff revenues skyrocketed to a record in May, new figures showed, the American economy has not yet suffered the stagflation many economists had warned of, and investors appear to have shrugged off downturn fears. Still, stocks fell and the dollar dropped following Trump’s remarks.
AD