WASHINGTON: President Donald Trump plans to inform trading partners of unilateral US tariff rates in the coming weeks, as a July deadline approaches for steeper levies to kick in on dozens of economies.
“We’re going to be sending letters out in about a week and a half, two weeks, to countries telling them what the deal is,” Trump told reporters late Wednesday, at the Kennedy Center in Washington where he was attending a theatre performance.
In April, Trump imposed a blanket 10 percent tariff on most US trading partners and unveiled higher individual rates on dozens of economies including India and the European Union – although he swiftly paused the elevated rates.
While negotiations have been ongoing, the pause on those higher duties is due to expire on July 9.
Trump’s stunning tariff pause focuses trade war on China
So far, Washington has only announced a trade deal with the UK, alongside a temporary tariff de-escalation with China.
Tensions remain elevated between the world’s two biggest economies, with Washington recently accusing Beijing of slow-walking export approvals for rare earth minerals.
It remains unclear if the steeper levies will return for all countries in early July.
US Treasury Secretary Scott Bessent told lawmakers earlier Wednesday that an extended pause is possible for those “negotiating in good faith.”
“There are 18 important trading partners. We are working toward deals on those,” he said.
Bessent said it is likely that for countries or trading blocs such as the EU, Washington would decide to “roll the date forward to continue the good faith negotiations.”
The Treasury chief added that following conversations with US Trade Representative Jamieson Greer, “it’s my belief that with smaller countries where we have lower levels of trade, we may be able to do a one-size-fits-all regional deal.”
Trump’s wide-ranging tariffs and higher rates on goods from China have roiled financial markets, snagged supply chains and weighed on consumer sentiment.
While many of the levies also face court challenges, US Commerce Secretary Howard Lutnick has dismissed concerns that these could prompt countries to slow-run negotiations.
Comments
Comments are closed for this article.