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US close to several trade deals, announcements expected in coming days, Bessent says

  • U.S. Treasury Secretary Scott Bessent indicated that the United States is nearing agreements on multiple trade deals with important partners ahead of the July 9 deadline for implementing higher tariffs.
  • The pending deals follow President Trump's April 2 announcement of a 10% base tariff and additional rates up to 50%, which were suspended until July 9 to allow negotiations.
  • Negotiations reportedly involve 18 major partners covering 95% of the U.S. trade deficit, with framework agreements reached with Britain and Vietnam providing models for further deals.
  • Trump warned countries not making concessions may face tariffs spiking up to 70%, though Bessent clarified the April 2 tariff list does not include rates that high and deadlines could be flexible.
  • If partners fail to advance agreements by August 1, Trump plans to send letters reverting tariffs to April 2 levels, signaling pressure for swift trade concessions and risking renewed trade tensions.
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RTÉ broke the news in Ireland on Sunday, July 6, 2025.
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