The United States is notifying trading partners that they must negotiate new trade deals by August 1 to avoid higher import tariffs, as stated by President Trump. Negotiations have been ongoing, particularly with the European Union, which faces a potential tariff increase to 50% on various imports if agreements are not reached. Treasury Secretary Scott Bessent emphasized that this timeline is not negotiable and expresses confidence in reaching several significant deals shortly. Current agreements with the United Kingdom and Vietnam have been made, showcasing ongoing trade talks amidst heightened pressure.
President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level.
Without a deal, tariffs on EU goods could soar to 50%, affecting everything from French cheese to German electronics.
Bessent said the administration's strategy is to apply 'maximum pressure,' citing the EU as an example.
I would expect to see several big announcements over the next couple of days.
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