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

  • U.S. Treasury Secretary Scott Bessent stated on July 6 that the U.S. is nearing agreements on multiple trade deals before the tariff increase deadline on July 9.
  • The deals follow President Trump's announcement on April 2 of a 10% base tariff plus additional rates up to 50%, with a 90-day suspension to allow negotiations until July 9.
  • Countries like India and Vietnam are reportedly near agreements, with framework deals involving Britain and Vietnam serving as negotiation guidelines, while talks with Europe show positive signs.
  • Bessent explained that President Trump will send letters to trade partners warning that if agreements are not reached, tariffs will revert to the higher rates originally set on April 2 starting August 1, indicating a potential increase in tariffs.
  • Several smaller countries face possible increased tariffs through about 100 letters Trump plans to send, but ongoing negotiations may delay tariff implementation beyond the current deadlines.
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RTÉ broke the news in Ireland on Sunday, July 6, 2025.
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