U.S. Rushes to Seal Trade Deals as New Tariff Deadline Looms
The United States is nearing several trade agreements before a looming deadline for higher tariffs, according to U.S. Treasury Secretary Scott Bessent. President Trump plans to notify 100 countries of potential tariff increases if negotiations stall. Discussions with trading partners, including the EU and India, continue amid a tense global trade environment.
The United States is hastening its pace in sealing multiple trade agreements ahead of a crucial July 9 deadline, with U.S. Treasury Secretary Scott Bessent hinting at significant announcements soon. Speaking on CNN's 'State of the Union,' Bessent emphasized that President Donald Trump plans to send warnings to 100 countries with minimal U.S. trade, potentially hiking tariffs set on April 2.
Trump's tariffs have roiled financial markets, and despite a temporary suspension of the rates, wrapping up deals has been challenging. The administration is targeting 18 key trading partners, representing 95% of the U.S. trade deficit, seeking swift negotiations to prevent a return to harsher tariffs.
Amidst this backdrop, optimistic signals emerge from discussions with Europe and India, although skepticism remains regarding Japan. As existing framework agreements with Britain and Vietnam offer guidelines, Bessent remains focused on nudging countries into finalizing deals, emphasizing the significant impact on the global trade landscape.
(With inputs from agencies.)
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