July 4 (UPI) -- American tariffs on dozens of countries will come into effect next Wednesday as scheduled, although several deals could still be worked out before then, President Donald Trump confirmed Friday.
"They'll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs, but they're going to be starting to go out sometime tomorrow. We've done the final form, and it's basically going to explain what the countries are going to be paying in tariffs," Trump told reporters after landing at Joint Base Andrews.
Trump first announced the so-called reciprocal tariffs of different sizes in April before issuing a 90-day pause which expires on July 9. The levies are separate from a 10% "baseline" U.S. tariff on all countries.
Since then, U.S. officials have reached a deal with Britain and later agreed to a temporary trade truce with China to allow for further negotiation.
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Earlier this week, Trump announced a deal with Vietnam that will see the Southeast Asian country pay a 20% tariff on "any and all goods." He also said a deal with Japan seems "unlikely" at this point.
Malaysia, India and the European Union are among the more than 50 nations that have so far failed to reach an agreement with American negotiators.
Trump said Friday, his administration will start sending letters immediately to every country that has yet to make a deal with the United States, informing it of the exact percentage it will pay when the tariffs kick in. Letters will continue until the pause ends next week.
The tariffs are calculated using a formula that takes into account the trade imbalance between the trading partner and the United States.
India faces a 26% tariff, while South Korea's rate is 25%. Japan's rate is slightly lower at 24% and European 20% against the 27 member states making up the European Union.
Trump said Friday, smaller countries could expect to see their U.S. tariffs kick in last, with first payments scheduled for the start of August.
"It's a lot of money for the country, but we're giving them a bargain," Trump told reporters Friday.
European Union officials said this week they are not hopeful of reaching a comprehensive deal before the deadline.
European Commission President Ursula von der Leyen called reaching such a deal over a short 90-day period "impossible."
"What we are aiming at is an agreement in principle," Von der Leyen told reporters earlier this week, adding a framework deal was the best thing to aim for with less than a week remaining before the deadline.
