US President Donald Trump has signed tariff letters on exports from 12 countries, which are expected to be sent out tomorrow.

Speaking to the media, US President said the names of the countries which will receive the letters will only be revealed tomorrow.

Trump has suggested that the reciprocal tariffs could go even higher, potentially reaching 70 percent for some countries, and take effect from August 1.

In April, the US President unveiled a base tariff of 10 percent on most goods entering the country, along with higher rates for certain countries, including China.

Those elevated tariffs were later suspended till July 9. Washington has concluded trade agreements with two countries – the United Kingdom and Vietnam.