Trump says U.S. could send letters setting tariff rates rather than extend deadline — ‘Dear Mr. Japan, here’s the story’

• President Donald Trump said that although trade negotiations are still ongoing, he would rather send countries a letter that lays out the tariff rates they face and not extend the July 9 deadline, when the halt on his “reciprocal tariffs” will expire. Trump previously vowed to send similar letters in May and earlier this month, though talks continued.

The U.S. is still engaged in trade negotiations during a temporary pause on aggressive “reciprocal tariffs,” but President Donald Trump said he could instead send letters to countries that set the rates they will face.

In an interview on Fox News’s Sunday Morning Futures with Maria Bartiromo, he was asked about the 90-day hold he placed on the “Liberation Day” tariffs unveiled in April. That pause will expire on July 9.

“I’d rather just send them a letter, very fair letter, saying ‘Congratulations, we’re going to allow you to trade in the United States of America. You’re gonna pay a 25% tariff or 20% or 40 or 50%,'” Trump replied. “I would rather do that.”

When asked if the pause will not be extended, he said, “I don’t think I’ll need to because—I could—there’s no big deal.”

Trump further clarified his stance on the July 9 deadline, saying “I’m gonna send letters. That’s the end of the trade deal.”

He then singled out Japan to give a hypothetical example of a letter: “I could send one to Japan. ‘Dear Mr. Japan, here’s the story: you’re going to pay a 25% tariff on your cars.'” 

The letters would explain tariff rates by citing the trade deficits with each country and how well it treats the U.S., Trump added, suggesting that negotiations won’t be necessary in some cases.

“Some countries, we don’t care. We’ll, you know, we’ll just send a high number out,” he predicted. “But we’re going to be sending letters out starting pretty soon. No, we don’t have to meet. We understand. We have all the numbers.”

That comes after the administration had previously signaled some flexibility on the July 9 deadline. On Friday, Treasury Secretary Scott Bessent told Fox Business that about a dozen deals with top trade partners could be wrapped up by Labor Day.

Meanwhile, Trump previously vowed to send similar tariff letters in May and earlier this month, though negotiations continued. White House officials have been saying for weeks that big trade deals are imminent.

But his latest comments could indicate a tougher line or increased impatience. On Friday, Trump said he is ending all trade talks with Canada immediately, citing its plan to levy digital services taxes on U.S. tech giants.

The remarks briefly sapped momentum from the surging stock market, but the rally later resumed, sending the S&P 500 and Nasdaq to fresh record highs.

This story was originally featured on Fortune.com