Trump seeks to pressure trading partners to make deals before tariffs deadline

Powys County Times

3 days ago

The Trump administration is stepping up pressure on trading partners to make new deals before a Wednesday deadline, with plans for the US to start sending letters warning countries that higher tariffs could begin on August 1.
That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more delay imposing the rates.
Mr Trump and his top trade advisers say he could extend the time for deal-making but they insist the administration is applying maximum pressure on other nations.
Kevin Hassett, director of the White House National Economic Council, told CBS's Face The Nation on Sunday that Mr Trump would decide when it was time to give up on negotiations.
'The United States is always willing to talk to everybody about everything,' Mr Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.'
Stephen Miran, the chairman of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled'.
The steeper tariffs that Mr Trump announced on April 2 threatened to overhaul the global economy and lead to broader trade wars.
A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam.
Mr Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the US, and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminium and a 25% tariff on vehicles.
Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded.
Mr Trump told reporters on Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the US would not start collecting those taxes until August 1.
On Sunday, he said he would send out letters starting Monday — 'could be 12, could be 15' — to foreign governments reflecting planned tariffs for each.
'We've made deals also,' Mr Trump told reporters before heading back to the White House from his home in New Jersey. 'So we'll get to have a combination of letters, and some deals have been made.'
He and his advisers have declined to say which countries would receive the letters.
Treasury Secretary Scott Bessent rejected the idea that August 1 was a new deadline and declined to say what might happen on Wednesday.
'We'll see,' Mr Bessent said on CNN's State Of The Union. 'I'm not going to give away the playbook.'
He said the US was 'close to several deals' and predicted several big announcements over the next few days. He gave no details.
'I think we're going to see a lot of deals very quickly,' Mr Bessent said.