The United States is nearing the completion of a number of commerce agreements and can inform different international locations of elevated tariff charges by Wednesday, with the brand new charges scheduled to take impact on Aug. 1, President Donald Trump mentioned on Sunday.
Trump’s remarks got here as his administration steps up stress on buying and selling companions to rapidly make new offers earlier than the Wednesday deadline, with plans to start out sending letters warning international locations that increased tariffs might kick in as of subsequent month.
Since taking workplace, Trump has set off a worldwide commerce warfare that has roiled monetary markets and despatched policymakers scrambling to guard their economies, by way of efforts resembling offers with the United States and different international locations.
In April, Trump unveiled a base tariff price of 10% on most international locations and extra duties ranging as much as 50%, though he later delayed the efficient date for all however 10% till July 9. The new date presents international locations a three-week reprieve.
Trump, whose remarks to reporters on Sunday got here simply earlier than his return to Washington from a weekend of {golfing} in New Jersey, had flagged the Aug. 1 date earlier, however it was unclear if all tariffs would improve then.
Warning letters
He mentioned he would ship out letters beginning Monday – “could be 12, could be 15” – to international governments reflecting deliberate tariffs for every.
“We’ve made deals also,” Trump instructed reporters. “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 international locations would obtain the letters.
Asked to make clear, Commerce Secretary Howard Lutnick instructed reporters the upper tariffs would take impact on Aug. 1, however Trump was “setting the rates and the deals right now.”
In a posting on his Truth Social web site, Trump later mentioned the U.S. would begin delivering tariff letters from 12:00 p.m. ET (1600 GMT) on Monday.
In a separate submit, he rolled out a completely new tariff coverage, calling for international locations “aligning themselves with the Anti-American policies” of the BRICS growing nations to be charged an additional 10% tariff, with no exceptions to be granted.
The first BRICS summit in 2009 was attended by leaders from Brazil, China, India and Russia, with South Africa becoming a member of later, whereas Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates (UAE) have been included final yr.
Trump has shut ties to leaders of a few of these international locations, resembling Saudi Arabia and the UAE, and has been touting the prospect of a commerce take care of India for weeks.
On Sunday, BRICS leaders condemned assaults on Gaza and Iran, known as for reforms to international establishments and warned that the rise in tariffs threatened international commerce.
It was not instantly clear if Trump’s tariff risk would derail commerce talks with India, Indonesia and different BRICS nations, nevertheless.
Earlier on Sunday, U.S. Treasury Secretary Scott Bessent instructed CNN’s “State of the Union” that a number of large commerce agreements can be introduced within the subsequent days, including that European Union talks had made good progress.
Trump would additionally ship letters to 100 smaller international locations with which the United States doesn’t have a lot commerce, notifying them of upper tariff charges, he added.
“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level,” Bessent mentioned.
“So I think we’re going to see a lot of deals very quickly.”
Kevin Hassett, who heads the White House National Economic Council, instructed CBS’s “Face the Nation” program that there may be wiggle room for international locations engaged in earnest negotiations.
“There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,” Hassett mentioned, including that Trump would determine.
‘I hear good issues’
Stephen Miran, chair of the White House Council of Economic Advisers, instructed ABC News’ “This Week” program that international locations wanted to make concessions to get decrease tariff charges.
“I hear good things about the talks with Europe. I hear good things about the talks with India,” Miran mentioned. “And so I would expect that a number of countries that are in the process of making those concessions… might see their date rolled.”
Bessent instructed CNN the Trump administration was centered on 18 vital buying and selling companions that account for 95% of the U.S. commerce deficit. But he mentioned there had been “a lot of foot-dragging” amongst international locations in finalizing commerce offers.
Thailand, eager to avert a 36% tariff, is now providing higher market entry for U.S. farm and industrial items and extra purchases of U.S. power and Boeing jets, Finance Minister Pichai Chunhavajira instructed Bloomberg News on Sunday.
India and the United States are prone to make a remaining choice on a mini commerce deal within the subsequent 24 to 48 hours, native Indian news channel CNBC-TV18 reported on Sunday, with common tariffs of 10% on Indian items shipped to the U.S., it mentioned.
Hassett instructed CBS News that framework agreements already reached with Britain and Vietnam supplied tips for different international locations. He mentioned Trump’s stress was prompting international locations to maneuver manufacturing to the United States.
The Vietnam deal was “fantastic,” Miran mentioned.
“It’s extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They’re opening their markets to ours, applying zero tariff to our exports.”
Source: www.dailysabah.com