US President Donald Trump has announced plans to notify US trading partners within the next one to two weeks about the new unilateral tariff rates, reported Bloomberg. The decision comes ahead of the July 9 deadline to reintroduce higher duties on several countries.
Speaking to reporters at the John F. Kennedy Center, Trump said that at certain point, he will be sending out letters that would clearly outline the terms being offered, leaving other countries with the choice to accept or reject them.
“At a certain point, we’re just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,” Trump said.
Is Trump going to follow through this time?
A Bloomberg report said that it is still unclear if Trump is going to keep his pledge. He has frequently set two-week deadlines for his decisions, but as is seen in the past, these deadlines are often delayed or not followed through.
Trump had on May 16 said that the tariff rates for US trading partners would be decided “over the next two to three weeks.”
The US President had in April announced increased tariffs on several countries but later postponed them for 90 days after market reactions raised concerns about a potential global economic slowdown. So far, the US has only finalised a trade framework with the UK and agreed to a temporary tariff pause with China.
However, even the agreement with China faced uncertainty, as both Washington and Beijing accused each other of not honoring the terms. This led to extended negotiations in London earlier this week to figure out how to move forward with the deal.
The temporary trade truce with China came under pressure after both Washington and Beijing blamed each other for not sticking to the agreed terms. This led to intense negotiations in London earlier this week to figure out how to move forward with the deal.
Earlier on Wednesday, Trump said that the trade agreement with China had been finalised. Under this deal, China would supply rare earth materials and magnets, while the US would continue to allow Chinese students to study at American universities, as has been agreed upon.
When asked at the event whether he might extend the deadline for other countries to finalise trade agreements before higher tariffs are enforced, Trump said he was open to the possibility but felt there wouldn’t be any necessity.