US demands final trade offers by Wednesday as tariff deadline nears
With just five weeks until a self-imposed deadline and global markets watching closely, the Trump administration is accelerating trade negotiations with multiple countries, urging them to submit their "best offers" by Wednesday.According to a draft letter seen by Reuters, the United States Trade Representative (USTR) is pressing countries to outline top-line proposals in key areas such as tariff cuts, quota allocations for US industrial and agricultural goods, and removal of non-tariff trade barriers.advertisementThe move comes as the administration attempts to wrap up complex negotiations that began on April 9, when President Donald Trump paused his sweeping "Liberation Day" tariffs for 90 days after a market backlash. That temporary pause ends on July 8.
The letter outlines an aggressive timeline, reflecting a growing sense of urgency inside the White House. "Productive negotiations with many key trading partners continue at a rapid pace. It is in all parties' interest to take stock of progress and assess any next steps," a USTR official told Reuters.Though administration officials, including White House economic adviser Kevin Hassett, have repeatedly signalled that multiple agreements are "nearing completion," only one limited deal has emerged so far — with Britain. That agreement, however, is widely viewed as a loose framework for ongoing talks, rather than a final settlement.advertisementThe draft letter reportedly calls for detailed responses on digital trade, economic security, and country-specific commitments. Once proposals are submitted, the US plans to evaluate them "within days" and provide what the letter refers to as "a possible landing zone," potentially including reciprocal tariff terms.While the draft doesn't specify recipient nations, it's understood to target countries currently in active negotiations, including the European Union, Japan, Vietnam, and India.Trump's ambitious -- and often frenetic -- tariff policy represents a major part of his "America First" economic agenda as he seeks to reshape US trade relationships, reduce trade deficits and protect American industries. Republican lawmakers are also banking on tariffs to add to federal revenue and offset the cost of the tax-cut legislation now working its way through Congress.The twists and turns in Trump's tariff policies have taken investors on a rollercoaster ride. In May, US stocks held their biggest rally of any month since November 2023, but that was after global indexes had cratered under the barrage of Trump's tariff announcements throughout February, March and early April.With inputs from ReutersTune InMust Watch
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