The US is preparing to impose higher tariffs from 1 August if trade partners like India, Taiwan, and the European Union don’t finalise deals with Washington, Treasury Secretary Scott Bessent said.

The US government is to start sending out letters to countries with details of higher US tariff rates that will begin on 1 August, President Donald Trump has said. Between 10 to 12 letters will go out on Friday, with more over the coming days, the president told reporters.