AsianFin — U.S. President Donald Trump said countries will begin paying new tariffs starting August 1, as his administration finalizes a sweeping new trade policy aimed at major trading partners.

Speaking on Thursday, Trump confirmed that formal letters detailing the updated tariff rates would be sent out beginning Friday.

While he did not specify which countries are targeted, he noted that by July 9, the new tariff regime will be “fully implemented,” with rates ranging from 60%–70% down to 10%–20%, depending on the product and country.