US EditionUS 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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ThePatriotLight - U.S. tariffs to kick in Aug. 1, barring trade deals
ThePatriotLight - Washington – Major U.S. trading partners hurried over the weekend to secure trade deals or lobby for extra time, while Treasury Secretary Scott Bessent indicated that some countries lacking an agreement by the deadline Wednesday will have the option of a three-week extension to negotiate."We’re going to be very busy over the next 72 hours,” Bessent said Sunday on CNN’s State of the Union, referring to the time left before the a…
US close to several trade deals, announcements expected in coming days, Bessent says
The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, U.S. Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days.
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Leaning Left2Leaning Right10Center7Last UpdatedBias Distribution53% Right
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