U.S. Pressure to Finalize Trade Deals Ahead of Tariff Deadlines - Jordan News

Jordan News

3 days ago

The Trump administration has asked countries to submit their best offers in trade negotiations by Wednesday, in an effort to speed up talks with several partners before the five-week deadline it set itself, according to a draft letter to negotiating partners obtained by Reuters. اضافة اعلان The draft, issued by the U.S. Trade Representative's office (USTR), offers a glimpse into President Donald Trump's plan to conclude irregular negotiations with dozens of countries that began on April 9, when he temporarily suspended the 'Liberation Day' tariffs for 90 days until July 8, after stock, bond, and currency markets fell due to the comprehensiveness of these tariffs. The document indicates a rush within the administration to complete deals before the deadline. Despite White House advisers such as Kevin Hassett asserting that many agreements are nearing completion, the only deal reached so far with a major U.S. trading partner has been with Britain—and even that deal was a framework for ongoing talks, not a final agreement. In the draft, the U.S. requests countries to submit their best offers across several key areas, including tariffs and proposed quotas for purchasing American industrial and agricultural products, as well as plans to address non-tariff barriers. Other requests include potential commitments on digital trade and economic security, alongside country-specific obligations, according to the letter. The U.S. will evaluate the responses within days and propose a 'possible landing zone' that may include a mutually agreed tariff rate, as stated in the letter. It is unclear which countries will receive the letter, but it is addressed to countries engaged in active negotiations involving meetings and document exchanges. Washington has been involved in similar talks with the European Union, Japan, Vietnam, India, and others. A U.S. Trade Representative official said the trade negotiations are ongoing. 'Productive talks with many major trading partners continue at a rapid pace, and it is in everyone's interest to assess progress and take next steps, regardless of ongoing litigation,' the official added. Tiffany Smith, vice president of global trade policy at the National Foreign Trade Council, welcomed the USTR's moves. She told Reuters, 'We are optimistic that the Trade Representative's office is pushing the negotiations forward as quickly as possible,' adding that trade agreements removing barriers to American companies abroad and reducing tariffs at home would be 'a win-win if implemented in a way that restores stability and clarity to trade relations.' Trump's ambitious—and often volatile—tariff policy is a cornerstone of his 'America First' economic agenda, aimed at reshaping foreign trade relations, reducing the trade deficit, and protecting American industries. Republican lawmakers also rely on tariffs as a means to boost federal revenue and offset the cost of the tax cut bill currently under congressional discussion. Trump's tariff policies have caused significant market volatility. In May, U.S. stocks experienced their best monthly rally since November 2023, but this followed sharp declines in global indices due to Trump's repeated tariff announcements in February, March, and early April. Stocks saw little change Monday afternoon following Trump's surprise announcement to double tariffs on steel and aluminum imports during an event held in Pittsburgh on Friday. Meanwhile, the legality of Trump's toughest tariffs is being challenged. Last Wednesday, the U.S. International Trade Commission ruled that Trump exceeded his authority when imposing tariffs under the International Emergency Economic Powers Act (IEEPA), including the 'Liberation Day' tariffs and previous tariffs on imports from Canada, Mexico, and China, which Trump linked to accusations that these countries facilitated fentanyl entering the U.S. Less than 24 hours later, an appeals court temporarily halted the ruling, and the disputed tariffs are expected to remain in effect during the case. The draft sent to trading partners warns against relying on the tariffs being lifted if courts rule against Trump's use of IEEPA.
It states: 'Regardless of ongoing lawsuits concerning the President's imposition of reciprocal tariffs in U.S. courts, the President intends to continue this tariff program based on other strong legal authorities if necessary, and it is therefore important that we continue discussions on these issues.' — Reuters