President Donald Trump has signed letters to impose new tariffs on 12 countries, with details on affected goods and rates to be revealed on July 7. Trump hinted some tariffs could reach up to 70%, effective from August 1. Negotiations with countries like Japan and the EU failed, prompting this decisive move. The 90-day suspension period for higher tariffs ends July 9. These letters carry significant economic and diplomatic implications, with global responses now under watch.