Former U.S. President Donald Trump has warned that countries failing to sign new trade agreements with the United States may face tariffs as high as 50%. Trump stated that the demand for trade deals is so high that individual negotiations are not feasible. Instead, within the next 2–3 weeks, U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will send letters outlining new tariff structures. Countries that don’t comply will be subject to increased tariffs.