U.S. to apply increased pressure on trade deals, warns higher tariffs could roll out Aug. 1
The White House should put pressure on American trade partners this week to sign new price agreements, in the hope that they will be finalized before a deadline on Wednesday.
The Trump administration is expected to send dozens of letters to countries that have not concluded a trade agreement, warning them that higher prices could launch on August 1, said the director of the National House Council, Kevin Hassett and the Treasury Secretary Scott Bessent on Sunday.
“Our small business partners could become much more important business partners” Hassett said on “Face The Nation with Margaret Brennan”. “And this is, I think, one of the reasons why the countries run to establish agreements with us before the deadline.”
Up to 15 letters will leave on Monday, President Trump confirmed to journalists before returning to the White House of his New Jersey club on Sunday. Some will be released on Tuesday and Wednesday, he said, adding that “certain transactions have been concluded”.
Commerce secretary Howard Lunick also told journalists on Sunday that higher prices could come into force on August 1 for countries that do not conclude on Wednesday.
Questions remain on informed countries, if something will change in the coming days and if Mr. Trump will again push to impose the rates.
In an interview with CNN on Sunday, Bessent said that around 100 letters will be sent to the small countries “where we do not have much trade” and where the prices are already at the base line of 10%. The secretary of the Treasury also said that the administration was mainly focused on nations with the largest trade deficit with the United States
“There are 18 important commercial relations that represent 95% of our deficit, and they are the ones we are focusing on,” said Bessent.
Treasury secretary Scott Bessent rejected the idea that August 1 was a new deadline and refused to say what could happen on Wednesday.
“We will see,” said Bessent on the state of the Union of CNN. “I’m not going to give the game book.”
Trump and his main commercial advisers say that he could extend the waiting period, but they insist that the administration applies maximum pressure on other nations. Hassett said Trump would decide when it was time to give up negotiations.
Stephen Miran, president of the Blanche House’s economic advisers’ council, also said that the countries merchanting in good faith and that concessions could “in a way make the date of the date”.
THE steep prices The fact that Trump announced on April 2 threatened to revise the world economy and lead to broader trade wars. A week later, after The financial markets had panickedIts administration has suspended most of the higher taxes for imports for 90 days as they should take effect, but it maintained the basic line by 10% while increasing the tariff rate on goods imported from China. Chinese products are now subject to 30% prices between the edges.
With frost on Sweep Scheduled to expire on Wednesday July 9, the White House
presented new trade agreements with countries in recent weeks, such as China, the United Kingdom and Vietnam. But there are still questions before the week with other offers to announce.
Bessent said the United States was “close to several offers” and predicted several major announcements in the coming days. He gave no details.
“I think we will see a lot of offers very quickly,” said Bessent.
Given the complexity of commercial transactions, some experts believe that the United States is likely to extend the price break for certain nations.
“It can take much more time [than 90 days] To really flatten these things, “Clark Packard, an expert in commercial policy and researcher at the Cato Institute, a reflection group on non -partisan public policy, said CBS News to Moneywatch.
Mr. Trump last week announced an agreement with Vietnam. Under the terms of the agreement, Trump said the United States would take prices of 20% from goods imported into the United States of Vietnam, and a price of 40% on “all transSiding”. The president said that Vietnam “will open its market in the United States,” which means that we can sell our product in Vietnam at zero prices “.
It was a drop in the tax of 46% on the Vietnamese imports that he proposed in April-one of his so-called “reciprocal rates” targeting dozens of countries with which the United States manages a trade deficit.
When asked if he expected to conclude agreements with the European Union or India, Trump said on Friday that “letters are better for us” because there are so many countries involved.
“We have India to come and with Vietnam, as we have done, but much easier to send a letter saying:” Listen, we know that we have a certain deficit, or in some cases a surplus, but not too much. And that’s what you will have to pay if you want to do business in the United States. “”
Canada, however, will not be one of the countries receiving letters, Trump’s ambassador Pete Hoekstra said on Friday after the two countries have recently resumed.
“Canada is one of our largest business partners,” Hoekstra told CTV News in an interview in Ottawa. “We are going to have an articulated agreement.”
Canadian Prime Minister Mark Carney said he wanted a new agreement in place by July 21 where Canada would increase trade countermeasures.
Hoekstra would not engage on a date for a trade agreement and said that even with an agreement, Canada could still face certain prices. But “we are not going to send Canada just a letter,” he said.
