- The U.S. is close to finalizing several trade agreements, with announcements expected soon.
- President Trump will notify countries of increased tariffs by July 9, effective August 1.
- Focus remains on 18 major trading partners responsible for the bulk of the U.S. trade deficit.
The United States is nearing the completion of several trade agreements, with official announcements anticipated in the coming days, reports Reuters.
The administration is concentrating its efforts on 18 key trading partners that account for the majority of the U.S. trade deficit. Officials have expressed frustration with delays in negotiations but remain committed to finalizing agreements quickly.
Tariffs to Increase This August
President Trump has set a July 9 deadline to notify trading partners about upcoming tariff hikes, which will take effect starting August 1. These tariffs, originally introduced earlier this year at rates between 10% and 50%, were temporarily delayed to allow for negotiations. The new measures include an additional 10% tariff on countries aligned with the BRICS bloc, including China, India, and Russia.
Focus on Major Trading Partners
The administration’s focus on 18 major trading partners underscores the effort to address the largest contributors to the U.S. trade deficit. Despite progress, some countries have been slow to reach agreements, prompting the U.S. to prepare for tariff implementation as a lever to encourage compliance.
Global Trade Implications
The upcoming tariff increases have sparked concerns among global markets and trade observers. There are worries that the uncertain scope and impact of the tariffs could disrupt ongoing trade negotiations with key partners such as the European Union, India, and Japan. Analysts warn that such disruptions may weigh on U.S. economic growth and potentially contribute to rising inflation.
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Source: Reuters
