Tariff Deadline Extension: Which nations may get benefitted? Read all details here
The White House is reviewing its tariff strategy as the July 9 deadline approaches. Talks with several countries remain incomplete. One confirmed trade deal has been signed with the United Kingdom. Stephen Miran, White House chief economist, suggested an extension of the tariff pause for countries showing sincere negotiation efforts.
Countries Showing Progress May Avoid Tariff Hike
Stephen Miran, chairman of the Council of Economic Advisers, shared his views on trade talks during an interview with Yahoo Finance. He said the US government may extend the tariff pause for countries making steady progress in ongoing negotiations. The July 9 deadline was earlier set for the end of the temporary tariff relief.
Miran said it would not make sense to disrupt productive discussions with sudden tariff increases. He added that agreements should not be undermined when countries are working in good faith to reach fair trade terms.
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Only UK Trade Agreement Finalized
So far, the US has finalized a trade deal with the United Kingdom. Other trade discussions are still under way. Countries like Canada and Japan are continuing talks with the US, but no deals have been concluded yet. The pressure is building as the July 9 deadline comes closer.
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Canada's government has responded by warning that it may increase tariffs on US steel and aluminum if no deal is reached by the end of July. Talks between the two countries are expected to conclude by mid-July.
Trump Admin Considering Tariff Adjustments
President Trump has said he will soon announce new tariff rates for different countries. Some nations might secure more favorable terms. Others could face the return of the steeper "Liberation Day" tariffs.
Stephen Miran explained that while the average US tariff rate is unlikely to fall below 10% overall, specific countries might achieve better outcomes through direct negotiations. Others may see higher duties reinstated if talks fail.
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EU Considers Response to Tariff Threats
The European Union has warned of possible retaliation if the US maintains its base tariff level. EU leaders are deciding whether to move ahead with a trade deal or risk entering a trade conflict. The Trump administration has previously suggested tariffs on EU goods could reach up to 50%.
Bloomberg reported that EU officials were meeting to decide their response. Their choice could either reduce trade tension or result in higher tariffs for both sides.
US Tariffs Begin on Household Appliances
New tariffs will go into effect on Monday. They will affect imported appliances such as washing machines, ovens and refrigerators. These tariffs could raise costs for everyday consumer goods. Businesses and consumers may experience the impact as prices begin to rise.
At the same time, the US government is trying to push its tax legislation forward. It remains unclear how tariffs will affect inflation and economic growth. The Federal Reserve is still assessing how prices are being influenced before deciding on any interest rate changes.
FAQs
What could happen to tariffs after the July 9 deadline?
Countries in active talks may see the pause extended. Others could face higher tariffs if negotiations fail or slow down.
How will new tariffs affect US consumers?
Starting Monday, appliances like washing machines and ovens will cost more. This could affect household budgets and increase prices in stores.
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