New Delhi, July 7 -- President Trump has signed "take it or leave it" letters to 12 countries on Monday, slapping new tariffs of 10% to 70% on their exports to the U.S. These taxes kick in August 1 unless deals are made by Wednesday's deadline.

Treasury Secretary Scott Bessent warned 100 smaller nations they'll face April's original tariffs if they don't hurry up. "If you don't move things along, you'll boomerang back," he said Sunday. Only the UK and Vietnam have deals so far, everyone else faces chaos. Businesses worldwide are panicking, unsure if their goods will get taxed .

Vietnam relatively got the best deal: Its exports to America face 20% tariffs (down from 46%), but "transshipped" Chinese goods will get hit with 40%. The UK kep...