Trump delays reciprocal tariffs after Bessent calls for more time on deals: Report
White House spokesman Kush Desai said, "The United States, the world's biggest and best consumer market, holds the cards and leverage in negotiations to unilaterally set deals with appropriate tariff rates for our trading partners." Desai added that many countries have shown strong interest in lowering tariffs but Trump remains firm on US terms.FRUSTRATION OVER SLOW DEALSInside the White House, Trump was frustrated over slow progress in trade talks, blaming other countries for not making fair offers. The report claimed that Trump wanted to capitalise on recent political successes, including "One Big Beautiful Bill" and his military action in Iran, to push harder on trade.In the end, Trump chose to delay tariffs while sending letters to pressure countries into finalising deals. He threatened more such letters would be coming and said he was close to sending one to the European Union.Trump wrote on Truth Social, "TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change." During a recent cabinet meeting, he said, "A letter means a deal," while also noting ongoing negotiations with other countries.The US president also announced plans to impose steep tariffs on specific goods, citing national security reasons, including 50% tariffs on copper and up to 200% on pharmaceuticals. Companies will have up to 18 months to move their pharmaceutical supply chains before these tariffs take effect. Lutnick confirmed that details on copper tariffs would be released soon, with semiconductor and pharmaceutical tariffs expected by August 1.However, he acknowledged that it would be impossible to negotiate with all 200 countries the US trades with, saying, "We can't meet with 200 countries."The reciprocal tariffs target countries the US government considers unfair trade partners. These nations face higher rates than the 10% baseline tariffs already imposed on most imports. However, products already affected by other tariffs, like copper or aluminium, will not face the new reciprocal rates.- EndsTune InMust Watch
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