Trump Says More Tariff Letters Are Coming. Why Trade Deals May Be Close, Too.

President Donald Trump extended the deadline for countries to reach trade deals until Aug. 1. (Getty Images)

President Donald Trump signaled that more tariff details could be revealed Wednesday, with letters potentially being sent to as many as seven countries this morning.

“We will be releasing a minimum of 7 Countries having to do with trade, tomorrow morning, with an additional number of Countries being released in the afternoon. Thank you for your attention to this matter!” Trump said in a post on his Truth Social website late Tuesday.

That could refer to more letters like the 14 published Monday that details what tariff rates would revert to if no trade deal is reached ahead of the new Aug.1 deadline.

It’s possible as well that new agreements could also be announced shortly, with the deadline quickly approaching in just three weeks. The one that comes out of talks with the European Union is of particular interest, as the bloc trades even more with the U.S. than China. On Tuesday, Trump said a letter to the EU might come out on Thursday.

But EU could be closing in on a deal with the U.S., The Wall Street Journal reported. The agreement would retain the 10% tariff on most goods and may not include exemptions for the 25% levy on cars and 50% tax on steel, it reported, citing people familiar with the talks. The U.S. may exempt some sectors such as aircraft or spirits, the report said.

Trump also said Tuesday that 50% tariffs on copper and 200% on pharmaceuticals would soon take effect. He added that the Aug. 1 deadline for deals wouldn’t be pushed back–the previous expiration date on the reprieve from higher levies was today.

The stock market was unfazed by the news yesterday, perhaps because traders expect deals to happen or because of a view the tariffs won’t end up having a big impact.

The decision to delay the start of higher across-the-board tariffs came after White House officials including Treasury Secretary Scott Bessent told Trump that more deals would happen if given a little more time, the Journal reported citing people familiar with the matter.

That suggests a number of agreements could be struck ahead of Aug.1, or maybe even in the days ahead.

Write to Brian Swint at brian.swint@barrons.com