U.S. Trade Strategy: Narrow Deals Amid Tariff Deadline
U.S. trade officials are pushing for narrow agreements with other countries to avoid harsher tariffs before President Trump's July 9 deadline. Countries agreeing to limited deals will face a 10% levy while ongoing issues are resolved. The administration seeks to handle critical trade disputes before the deadline.
Amid a looming tariff deadline, U.S. trade officials are engaging in talks that focus on securing narrower agreements with international partners. The urgency is to finalize these deals before President Donald Trump's established cutoff date of July 9, which could see increased tariffs.
Countries participating in these narrower deals will sidestep more severe tariffs, though they will still be subjected to an existing 10% levy. This measure allows ongoing discussion of more complex issues, according to sources cited by the Financial Times.
While progress has been made with Britain, other trading partners face new tariff rates if deals aren't reached soon. Treasury Secretary Scott Bessent has acknowledged the risk of imminent tariff hikes. The administration aims to secure agreements on select trade disputes, with potential additional tariffs on critical sectors still under consideration.
(With inputs from agencies.)
Google News