US President Donald Trump announced that the United States will soon send nearly 200 letters to its trade partners, formalizing tariff agreements, according to Xinhua.

He described the letters as binding deals, stating that once sent, trading partners would be required to pay the agreed tariffs, which he said would remain minimal.

The move follows earlier warnings of import tariffs set to begin on August 1. However, the administration has recently softened its stance amid financial market concerns and inflation risks.

Several countries have strongly opposed the US’s unilateral tariff actions, Xinhua reported.