READ HERE: https://www.zerohedge.com/markets/trump-sends-tariff-letters-threatening-70-levies-sparking-fears-delayed-trade-deals

President Trump announced that the U.S. will begin unilaterally notifying trading partners of a new round of tariffs ahead of the looming July 9 deadline to finalize trade agreements. UBS told clients Friday morning that the move “signals trade deal delays,” and the resulting negative sentiment sent U.S. equity futures lower. European stocks also tumbled, reflecting growing concerns over renewed trade tensions.

Trump told reporters that “10 or 12” letters would be sent out on Friday, with additional letters to follow “over the next few days.”

“By the ninth, they’ll be fully covered,” the president said, referring to the deadline he set for countries to strike deals or face steep import duties. “They’ll range in value from maybe 60 or 70% tariffs to 10 and 20% tariffs,” he added.

The new tariffs, effective August 1, mark a shift away from negotiations toward a more aggressive, unilateral approach, as only the UK and Vietnam have struck deals during a 90-day pause. China and the U.S. recently reached a trade truce to avoid a tit-for-tat escalation of tariffs.