Trump tariffs live updates: Trump says he will set unilateral tariff rates within weeks

Jun 12, 2025

President Donald Trump told reporters on Wednesday that he would send letters to trading partners in the next week or two setting unilateral tariff rates.

“At a certain point, we’re just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,” the president said at the Kennedy Center in Washington.

Soon after introducing steep new tariffs that roiled markets, Trump instituted a pause on his most punishing duties that expires July 9. His latest comment, however, only muddies the waters about what could happen next as the deadline approaches.

Earlier on Wednesday, Treasury Secretary Scott Bessent told Congress that it is "highly likely" that the tariff pause would be extended for countries that are negotiating with the administration "in good faith."

"There are 18 important trading partners — we are working toward deals on those — and it is highly likely that those countries that are ... negotiating in good faith, we will roll the date forward," Bessent said during testimony before the House Ways and Means Committee.

On Tuesday, the US and China agreed to a framework and implementation plan to ease tariff and trade tensions. Trump signaled his approval, saying the deal was "done" pending sign-off from him and Chinese President Xi Jinping.

Trump and other US officials indicated the deal should resolve issues between the two countries on rare earths and magnets, though reports later indicated China would only loosen restrictions on rare earth mineral exports for a six-month period. Trump also said the US will allow Chinese students in US colleges, a sticking point that had emerged in the weeks following the countries' mid-May deal in Geneva.

Trump said the US would impose a total of 55% tariffs on Chinese goods. Yahoo Finance's Ben Werschkul reports, citing a White House official, that Trump arrived at that figure by adding together an array of preexisting duties and not any new tariffs.

Meanwhile, though Trump's most sweeping tariffs continue to face legal uncertainty, on Tuesday, the president received a favorable update. A federal appeals court held a decision saying his tariffs can temporarily stay in effect. The US Court of International Trade had blocked their implementation last month, deeming the method used to enact them "unlawful."

Read more: What Trump's tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

President Trump said he plans to send letters to trade partners in the next week or two, setting new tariff rates before a July 9 deadline to raise duties on many countries.

“We’re going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is,” Trump told reporters Wednesday at the John F. Kennedy Center for the Performing Arts in Washington where he was attending a performance.

“At a certain point, we’re just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,” he added.

At this stage, its still unclear if Trump will stick to his promise. In the past he has set two-week deadlines that either get delayed or don't happen. In April, Trump announced higher tariffs on many trade partners but paused them for 90 days after markets dropped. to date the only official trade deal the US has made is with the UK and a temporary truce with China.

When asked if he might delay the tariff deadline to give other countries more time to make deals, Trump said he was open to it.

He had said he’d negotiate with every trade partner individually, but now he’s focusing on key countries.

Britain's exports to the US dropped sharply in April after President Trump started his global trade war. This is the biggest monthly fall since records began in 1997.

Bloomberg News reports:

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Bloomberg News reports:

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President Trump's tariffs may have ended the Bank of Japan's rate-hike cycle and chances of further rate increases are fading due to the hit to exports, according to the BOJ policymaker Takako Masai.

Reuters reports:

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Treasury Secretary Scott Bessent told House lawmakers on Wednesday that the Trump administration may extend the 90-day tariff pause on some countries in order to continue trade negotiations.

When asked if Americans should prepare for another "Liberation Day" on July 9, when the tariff pause ends for most countries, Bessent said that the administration may choose to move the deadline on 18 of the most important trading partners, so long as they make an effort to come to the negotiating table.

"We are working toward deals on those, and it is highly likely that [for] those countries — or trading blocs, in the case of the EU — who are negotiating in good faith, we will roll the day forward to continue good faith negotiations," Bessent said (see video below). "If someone is not negotiating, then we will not."

A recent report on the drastic decline of US ocean imports serves as an example of how President Trump's increased tariffs on China affected supply chains and several industries as ttalks continue.

Reuters reports:

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The Treasury Department says that the US government is successfully using tariffs to decrease the budget deficit by more than $30 billion, largely due to increased customs receipts.

Reuters reports:

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China will ease curbs on exports of rare earth minerals for six months as part of a new trade understanding with the US, according to The Wall Street Journal.

The move could add more uncertainty for American manufacturers, particularly the auto industry, which has been pushing for easier access. The Journal notes that the move gives China leverage down the line if tensions ratchet back up.

From the report:

In celebrating the agreement early Wednesday, President Trump noted "any necessary rare earths will be supplied, up front, by China." He did not mention any time limit on loosening those restrictions.

Treasury Secretary Scott Bessent, in testimony before Congress on Wednesday, painted Wednesday's agreement as an incremental step on the longer road to a more comprehensive trade deal.

"A trade deal today or last night was for a specific goal, and it will be a much longer process," he told a House committee.

When asked if current US tariff levels on Chinese imports would not change again, Commerce Secretary Howard Lutnick told CNBC, "You can definitely say that."

"We're in a great place with China," Lutnick said Wednesday. While the US-China truce framework is awaiting final word from US President Trump and Chinese President Xi Jinping, Lutnick added, "Both sides are really positive."

The agreement is largely viewed as reestablishing the "handshake" that US and Chinese officials reached in Geneva last month, as details on a larger trade pact remain scant.

Trump posted on social media this morning that the US has imposed 55% tariffs on China, a number that does not include any new tariffs but instead comprises some preexisting tariffs, Trump's fentanyl tariffs, and 10% "Liberation Day" tariffs.

Lutnick touted that, as a result of the two-day talks, the US will gain access to rare earths and magnets, while the Chinese delegation sought to remove the US's export controls.

He added that the trade deficit remains an ongoing issue, stating, "We're going to examine how China can do more business with us."

May's Consumer Price Index (CPI) report showed inflation pressures eased on a monthly basis despite investor concerns that President Trump's tariffs would accelerate the pace of price increases.

The Consumer Price Index (CPI) increased 0.1% on a monthly basis in May and 2.4% on an annual basis, a slight uptick from April's 2.3% gain.

Yahoo Finance's Allie Canal reports:

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I would keep an eye on consumer names off the news of a trade deal with China floated by President Trump this morning (see our prior post below).

Seeing upticks premarket in heavily China-exposed retailers such as Nike (NKE), Walmart (WMT), Target (TGT), and Abercrombie & Fitch (ANF). The premarket gains here aren't mind-blowing in part because tariffs appear to still be in place.

Trump posted on Truth Social:

OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!"

A variety of market observers quickly weighed in hours after Tuesday evening’s unveiling to suggest that the deal may not have a lot of meat on the bones — but at least relations are no longer moving in the wrong direction.

The talks perhaps underscored how unlikely a comprehensive trade deal is anytime soon, noted AGF Investments Greg Valliere, "but at least relations may not worsen as talks continue throughout the summer."

Both sides promised additional talks in the weeks or months ahead, but none have yet been scheduled.

Veronique de Rugy, a professor at the Mercatus Center at George Mason University, suggested the talks continued to show China's leverage. "China is hurting, yes—but they still hold the upper hand on critical resources, and they know how to use them."

Any lessening of tensions — and freer flow — of these mineral resources in China would be a significant boost to the global economy with China holding outsized leverage in both the reserves and processing capacity of these key building blocks for everything from computers to electric vehicle batteries to medical devices.

Likewise, the US offering concessions on export controls would be a significant move after years where successive US administrations have wielded these controls — especially around the design and manufacture of semiconductors — by saying they need to be tight on China for national security reasons.

Read more here.

May's Consumer Price Index (CPI) report will be released on Wednesday and its expected to show that prices rose a bit faster than in April. Yahoo Finance's Allie Canal breaks down what to look out for and how President Trump's tariffs are impacting what consumers are now paying for goods and services.

Read more here.

Now that the US-China trade truce is back on track, both sides are keen to ensure it stays that way. China's Vice Premier He Lifeng said both sides need to now “show the spirit of good faith in abiding by their commitments and jointly safeguard the hard-won results of the dialogue.”

Bloomberg News reports:

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Reuters reports:

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Despite the US-China trade truce resuming the pain from President Trump's tariffs remains in China, especially among small exporters.

Reuters reports:

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Japan warned Wednesday that tariffs threaten its economic growth, the government said in a monthly report.