The Yale Budget Lab noted that the letters sent Monday would hike the effective tariff rate on U.S. consumers to the highest since 1934.

President Trump is making new threats to U.S. trade partners. These partners may be refusing pressure, but also underestimating Mr. Trump’s need to win.

President Donald Trump sent letters to 14 countries Monday outlining higher tariffs they’ll face if they don’t make trade deals with the U.S. by Aug. 1. In the letters, which were posted on Truth Social, Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes.

President Donald Trump cranked up the pressure Monday on America’s trading partners, firing off letters to heads of several countries, informing them of their new tariff rate. But at the same time, Trump took some of the edge off by signing an executive action Monday to extend the date for all “reciprocal” tariffs,

By Jeff Mason, Bart H. Meijer and David Brunnstrom WASHINGTON/BRUSSELS (Reuters) - President Donald Trump on Monday began telling trade partners - from powerhouse suppliers like Japan and South Korea to minor players - that sharply higher U.

America is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said.