The Leftovers: Countries that haven't struck an agreement with Trump brace for Aug. 1 deadline
In interviews, officials and representatives from six countries that have not yet struck an agreement with the president to lower their April 2 rates said they are pessimistic they will be able to finalize a deal between now and then, despite concessions they've offered to the administration. All of them said that the higher tariff rates would be punishing for businesses in their countries that rely on exports to the U.S.
'There's not a hell of a lot they can do,' said Mark Linscott, a former U.S. trade negotiator. 'I mean, if you're too small to be given the attention to try to negotiate a lower tariff, you're kind of stuck with just taking what the administration dishes out and then after that, seeing how you can mitigate that.'
Treasury Secretary Scott Bessent on Tuesday echoed that scenario, though he sought to play down the impact.
'I would think that it's not the end of the world if these snap back tariffs are on for anywhere from a few days to a few weeks, as long as the countries are moving forward and trying to negotiate in good faith,' Bessent said in an interview on CNBC.
Trump briefly imposed 'reciprocal' tariffs of between 10 and 50 percent on nearly 60 trading partners in early April, before pausing them for 90 days. He then extended the deadline from July 8 to Aug. 1, while sending letters threatening different — and in some cases, even steeper duties — to more than two dozen partners. Thirty-two of the countries that were initially hit with the duties in April did not receive a letter from Trump.
On Wednesday morning, Trump announced he plans to impose a 25 percent tariff on Indian goods, which did not initially receive a letter setting a tariff rate. In true Trumpian fashion, he later suggested there may still be some negotiating wiggle room with New Delhi before Friday.
Another 22 countries received a letter setting new tariff rates effective Aug. 1 and don't appear on track to make a deal. The list includes major trading partners whose negotiations with the Trump administration have stalled, including Taiwan, and smaller countries facing soaring tariff rates as high as 50 percent, like Lesotho and Madagascar.
It also includes the two countries the United States trades with most — North American neighbors Canada and Mexico. Canadian Prime Minister Mark Carney sent his top aide and other leading trade officials to Washington for talks this week. And Mexican President Claudia Sheinbaum said earlier this week that she still hoped to reach an agreement by Friday. But 'it's extremely wishful thinking,' said Pedro Casas Alatriste, the executive vice president and CEO of the American Chamber of Commerce in Mexico, though he added, 'I still have a little percentage of hope that something might happen.'
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