The Trump administration plans to intensify pressure on trading partners to finalize deals before a looming August deadline, issuing letters to notify countries of potential higher tariffs. This situation creates uncertainty for businesses and consumers. The economic advisers have indicated that deadlines might shift based on negotiations, while also emphasizing the U.S.'s willingness to engage in trade discussions. Elevated tariffs have already been imposed due to trade surpluses, and previous negotiations have only led to limited agreements with select countries, raising concerns about broader economic impacts.
The United States is always willing to talk to everybody about everything. There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't.
The steeper tariffs that Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars.
Countries negotiating in good faith and making concessions could sort of, get the date rolled, according to the chair of the White House Council of Economic Advisers.
Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the U.S., and a 10% baseline tax on imports from all countries.
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