President Trump announced that the U.S. will soon update tariff levels for trading partners, explaining that his administration cannot negotiate trade agreements with all countries simultaneously due to capacity constraints.

He emphasized that the U.S. will adopt a fair approach but noted that too many global leaders currently want to meet with U.S. officials. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will send letters to countries outlining the tariffs they must pay to do business in the U.S.

The U.S. is likely to negotiate only with its top 10 trading partners, while others will face a uniform tariff rate.