Just two trade deals in kitty, Trump okays ‘take it, leave it’ tariff offer for 12 nations
US President Donald Trump said he had signed letters to 12 countries outlining the various tariff levels they would face on goods they export to the United States, with the “take it or leave it” offers to be sent out on Monday.
Trump, speaking to reporters aboard Air Force One as he travelled to New Jersey, declined to name the countries involved, saying that would be made public on Monday.
Trump had earlier on Thursday told reporters that he expected a first batch of letters to go out on Friday, a national holiday in the United States, though the date has now shifted.
In a global trade war that has upended financial markets and set off a scramble among policymakers to guard their economies, Trump in April announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%.
However, all but the 10% base rate were subsequently suspended for 90 days to allow more time for negotiations to secure deals.
That period ends on July 9, although Trump early on Friday said the tariffs could be even higher – ranging up to 70% – with most set to go into effect August 1.
“I signed some letters and they’ll go out on Monday, probably twelve,” Trump said, when asked about his plans on the tariff front. “Different amounts of money, different amounts of tariffs.”
Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the US president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union.
He touched on that briefly late on Friday, telling reporters: “The letters are better … much easier to send a letter.”
He did not address his prediction that some broader trade agreements could be reached before the July 9 deadline.
The shift in the White House’s strategy reflects the challenges of completing trade agreements on everything from tariffs to non-tariff barriers such as bans on agricultural imports, and especially on an accelerated timeline.
Most past trade agreements have taken years of negotiations to complete.
The only trade agreements reached to date are with Britain, which reached a deal in May to keep a 10% rate and won preferential treatment for some sectors including autos and aircraft engines, and with Vietnam, cutting tariffs on many Vietnamese goods to 20% from his previously threatened 46%. Many U.S. products would be allowed to enter Vietnam duty free.
A deal expected with India has failed to materialise, and EU diplomats on Friday said they have failed to achieve a breakthrough in trade negotiations with the Trump administration, and may now seek to extend the status quo to avoid tariff hikes.
Pak, US agree on levies
Pakistan and the US have concluded a critical round of trade negotiations, reaching an understanding on a deal that could shape the future of the country’s key export sectors.
The tariff relief would prevent the re-imposition of a 29 per cent tariff on Pakistani exports, primarily textiles and agricultural products.
The agreement, when signed, could lead to increased Pakistani imports of US goods — notably crude oil — and potential American investment in Pakistan’s mining, energy and infrastructure sectors.
Signs spending cut Bill
Trump signed his package of tax breaks and spending cuts into law on Friday in front of Fourth of July picnickers after his cajoling produced almost unanimous Republican support in Congress for the domestic priority that could cement his second-term legacy.
Flanked by Republican legislators and members of his Cabinet, Trump signed the multitrillion-dollar legislation at a desk on the White House driveway, then banged down a gavel gifted to him by House Speaker Mike Johnson that was used during the Bill’s final passage on Thursday.
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