US President Donald Trump's BIG statement on reciprocal tariffs, says 'Countries will have to start paying tariffs from...'

US President Donald Trump on Friday, i.e., July 4, declared that his administration would soon start sending letters informing trading partners of their tariff rates as negotiations to avoid higher US levies enter the final phase, reported MoneyControl. 

According to the report, Trump said that 10-12 countries will get letters on Friday, with their tariffs ranging from 60-70 per cent and 10-20 per cent. Countries will have to start paying tariffs, starting August 1, the US President said. “They’ll be fully covered and they’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs", he said, as quoted by the outlet. 

The US President has long threatened that if countries fail to finalise a deal with a July 9 deadline, he would impose higher tariffs on them.  So far, the administration has announced deals with the United Kingdom and Vietnam. 

500 per cent for India, China?

US senator Lindsey Graham, earlier, in an interview confirmed that President Trump has approved the introduction of a bill that would impose a 500 per cent tariff on countries that continue to trade with Russia, including India and China. The aim is to bring Russia to the negotiating table on Ukraine, he said.

Notably, India and Russia have long shared strong and historically significant ties, with bilateral trade reaching a record high of USD 68.7 billion in FY 2024-25. Meanwhile, External Affairs Minister S Jaishankar responded to US' 500 per cent tariff threat and said, "Regarding Senator Lindsey Graham's bill, any development which is happening in the US Congress is of interest to us if it impacts our interest or could impact our interest". 

He emphasised that "we will have to cross that bridge when it comes to that, if it comes to that". "Our concerns and our interests on energy, security have been made conversant to him (Lindsey Graham). So we'll then have to cross that bridge when we come to it. If we come to it", said the EAM.