US EditionUS close to several trade deals, announcements expected in coming days, Bessent says
UNITED STATES, JUL 8 – The US targets 18 key trading partners representing 95% of its trade deficit with several deals expected before tariffs rise on August 1, Treasury Secretary Scott Bessent said.
- U.S. Treasury Secretary Scott Bessent indicated on Sunday that the United States is nearing agreements on multiple trade deals before the July 9 deadline for increased tariffs.
- These trade talks follow a tariff announcement on April 2 when the U.S. imposed a 10% base rate, with some tariffs up to 50%, which were suspended until July 9 to allow negotiations.
- Key trading partners, especially 18 countries accounting for 95% of the U.S. trade deficit, face heightened tariffs from August 1 unless deals progress, with letters to 100 smaller countries warning of tariff increases.
- Trump warned that countries not making concessions could see tariffs spike up to 70%, although this higher rate was not detailed in the April 2 announcement, and some negotiations with India and Europe reportedly advance well.
- The pending deals and tariff pressure have prompted market uncertainty and shifts in production, suggesting rapid developments and possible extensions if concessions continue, but a return to earlier tariff levels remains likely if progress stalls.
83 Articles
83 Articles
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