Trump trade war - tariff deadlines & key upcoming events
The twists and turns in US President Donald Trump's tariff policies have not only rattled global financial markets but have also taken investors on a roller-coaster ride.
Companies are counting the cost of the trade war that is now being estimated at more than $34 billion in lost sales and higher expenses, a Reuters analysis showed.
Adding to the uncertainty are tariff-related legal challenges and Trump's assertion that he would hammer out bilateral deals with trade partners, even though agreements remain elusive, save a pact with Britain this month.
Here's a timeline for key upcoming events and dates that could have a bearing on the US tariff policy:
June 11, 2025 - Trump says US deal with China is done, with Beijing to supply magnets and rare earth minerals.
A White House official said the agreement allows the US to charge a 55% tariff on imported Chinese goods, while China would charge a 10% tariff on US imports. The deal is subject to final approval from President Trump and Chinese President Xi Jinping.
June 15-17 - Trump will attend the annual summit of G7 nations in Canada. The summit will be hosted at the Rocky Mountain resort town of Kananaskis, Alberta, with tariffs expected to be a major topic of discussion.
July 8 - "Liberation Day" tariffs to take effect following the 90-day suspension period, potentially affecting imports from multiple countries.
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Irish Independent
4 hours ago
- Irish Independent
Growing hope of trade deal to avoid tariffs between EU and US, says Tanaiste Simon Harris
Simon Harris, said the 'mood music' has improved in recent days and that he is more 'encouraged' following a discussion earlier today with Donald Trump's Trade Representative, Jamieson Greer. Last month Trump lashed out an EU negotiators and threatened a 50pc tariff from June 1 as punishment for 'our discussions with them going nowhere.' But a phone call with the European Commission President, Ursula von der Leyen two days later put discussions back on track and pushed the tariffs start date back to July. With that deadline approaching Minister Harris said: 'there isn't a day to lose' and while there is a 'way to go.. negotiations have now begun in earnest'. He said: 'What we need to find out in the days ahead, is there a landing zone that can work for everyone? And quite frankly, there has to be because this transatlantic trade agreement matters.' The EU and Ireland want to negotiate an outcome, he said 'and from my discussion with President Trump's trade representative, I think he wants that as well.' The Minister for Foreign Affairs and Trade said: 'The deadline for the pause in tariffs will run out in July so it is very important that people intensively engage, there isn't a day to lose here. "But I do now think that the mood music, in terms of trying to find a deal, to find agreement, is somewhat better than what it was days ago. The relationship is worth more than €1.4 trillion between the EU and US 'it cannot be snuffed at and therefore a solution has to be found,' he said. On Tuesday Minister Harris told Cabinet colleagues that he would urge the EU to exempt key sectors key to the Irish economy from any retaliatory tariffs should the current negotiations fail. These would include aviation, medical, agrifood and the equine industry. In a letter to the EU's negotiator, Maros Sefcovic, he also urged the trade commissioner to ensure that any retaliation against the US would not adversely impact the North. Although talks between the EU and US have intensified in recent days, the EU has been preparing a list of hundreds of US products worth some €95bn.
Irish Times
5 hours ago
- Irish Times
Tánaiste told Trump trade representative tariffs ‘threaten' US-Ireland relationship
Tariffs 'threaten' relations between America and Ireland and are bad for those on both sides of the Atlantic, the Tánaiste has told US trade representative Jamieson Greer. Speaking after a virtual meeting with Mr Greer, Simon Harris , who is also Minister for Foreign Affairs and Trade, said he will stay in touch with his Washington counterpart 'as we seek to bring this trade dispute to an end'. The meeting between the pair on Thursday was described as 'positive' and 'constructive' by the Irish side. A readout from the Office of the US trade representative is not yet available. The EU had been slated for a 20 per cent tariff under the reciprocal rates announced by US president Donald Trump in April. A temporary pause took the rate down to 10 per cent through July 8th. READ MORE In late May, Mr Trump expressed frustration with the pace of talks and threatened to raise the tariff rate to 50 per cent , although he later said he would hold off on the threat until July 9th . Thursday's discussion followed on from a meeting between Mr Harris and US commerce secretary Howard Lutnick in Washington in April. According to the Irish Department of Foreign Affairs, the two politicians on Thursday 'discussed recent trade developments, including a constructive exchange of views on the ongoing negotiations between the US and EU.' Mr Harris said he outlined to Mr Greer the 'hugely successful two-way economic relationship between the US and Ireland'. 'I explained how tariffs threaten this relationship and are bad for business, bad for consumers and bad for workers on both side of the Atlantic,' Mr Harris said. The Tánaiste said he assured Mr Greer of Ireland's 'commitment to supporting a mutually beneficial agreement that works for the US and the EU'. He welcomed Mr Greer's positive meeting with European commissioner for trade and economic security, Maros Sefcovic, in Paris last week. After the meeting with Mr Sefcovic, Mr Greer said the EU had provided the US with 'a credible starting point for discussions on reciprocal trade' and the discussion showed Washington 'a willingness by the EU to work with us to find a concrete way forward to achieve reciprocal trade'. The European Commission is preparing to navigate another round of trade talks with President Trump's administration. Last week, the EU threatened to speed up retaliatory measures against the US if President Trump follows through on his threat to impose a 50 per cent levy on steel and aluminium imports. The Irish Government has been lobbying the European Commission to try to keep important domestic sectors like aviation, medtech, agricultural feed and whiskey out of the transatlantic trade war.
Irish Times
5 hours ago
- Irish Times
US warns nations against attending UN conference on two-state solution
US president Donald Trump 's administration has discouraged governments from attending a United Nations conference next week on the implementation of a two-state solution to the Palestine - Israel conflict. The conference will take place in New York and will be hosted by France and Saudi Arabia. It will discuss ways of establishing a two-state solution – which would create a Palestinian state in Gaza, the West Bank and East Jerusalem alongside Israel. On Tuesday, Washington sent a cable warning countries that unilaterally recognising a Palestinian state and taking 'anti-Israel actions' – such as sanctions and boycotts – would be seen as acting against United States interests and could yield diplomatic consequences. The message also said the conference undermined Washington's efforts with Egypt and Qatar to secure a ceasefire in Gaza and free Israeli captives held hostage by Hamas, according to Reuters news agency. READ MORE Washington has supported a two-state solution for decades, but on Tuesday its ambassador to Israel, Mike Huckabee, said it is no longer a US goal. While the original intention of the conference was to encourage unified multi-state recognition of a Palestinian state, the Guardian has quoted French officials as saying this would be the goal of a step-by-step process to halt the Gaza war, end Hamas rule in Gaza, release Israeli hostages, secure Palestinian Authority reform and launch economic reconstruction of Gaza. French president Emmanuel Macron's regional adviser, Anne-Claire Legendre, said the conference 'must mark a transformative milestone for the effective implementation of the two-state solution. We must move from words to deeds; we must move from the end of the war in Gaza to the end of the conflict.' Mr Macron has confirmed his attendance at the New York meeting while Saudi crown prince Mohammed Bin Salman has ordered aides to prepare for his participation if a plan is to be adopted. Other world leaders who will be in Canada for a G7 summit could also attend the UN conference. Israel has sharply criticised the conference and lobbied France against recognition of a Palestinian state, claiming it would 'reward' Hamas for the 2023 attack on Israel in which it killed 1,200 people and abducted about 250 hostages. The attack triggered the Gaza war, in which about 55,000 Palestinians have been killed. [ Israeli strikes kill at least 60 in Gaza, many at aid site, say health officials Opens in new window ] Of 27 European Union member states, 11 recognise Palestine, including Ireland. Israeli and international rights organisations have accused Israel of trying to thwart a two-state solution by illegally establishing 160 settlements which house 700,000 Israelis in the occupied West Bank and occupied East Jerusalem. Israel recently announced construction of a further 22 settlements, prompting Israeli independent rights group Peace Now to say this was 'the most extensive move of its kind' in three decades. It warned that the move would 'dramatically reshape the West Bank and entrench the occupation even further'. – Additional reporting: Reuters
