Gate News bot news, according to Bloomberg, there are only 10 days left until U.S. President Donald Trump resumes imposing tariffs on specific countries, and the White House appears unable to fulfill its commitment to comprehensive global trade reform made during the three-month suspension of tariffs.
A senior advisor to Trump said this week that agreements with up to a dozen of America's largest trading partners are expected to be completed before the July 9 deadline. However, if the two other agreements Trump reached with China and the UK provide any indication, these agreements are likely not to be comprehensive agreements that address core issues, but rather will involve limited topics, with many specific details left for future negotiations.
Tim Meyer, a professor specializing in international trade at Duke University's School of Law, stated: "I expect the White House to announce some frameworks referred to as trade agreements, but they will not conform to anyone's usual understanding of the term."
For the other dozens of countries that failed to reach an agreement but were affected by Trump's tariff increase on April 2, the president threatened to impose new tariffs on top of the 10% baseline rate that would be implemented during negotiations. U.S. Treasury Secretary Scott Bessent stated on CNBC on Friday that most of these countries are "smaller trading partners."
On July 9, an agreement is about to be signed, and Trump and his advisors are making investors anxious. They subtly hint at which countries are close to reaching an agreement and which countries have not yet reached an agreement. The outcome of the agreement will determine the future direction of Trump's trade agenda—one of the core issues of his 2024 campaign—and it is crucial for the global economy as well as for the relations between the United States and its allies and rivals.
Even with such high risks, it remains unclear whether the U.S. government will stick to the deadline or extend it to allow more time for negotiations.
Bessent stated on Friday that about 20 countries that fail to reach an agreement by next Wednesday can continue negotiations, but if they are deemed to be negotiating "in good faith," their tariff rates will revert to the higher rates of April 2 or remain at 10%.
But a few hours later, Trump reiterated his threat to unilaterally set tariff rates for various countries—stating that he might even do so before July 9. Trump stated that the United States would not reach individual agreements with hundreds of countries.
"We can do whatever we want," Trump said at the White House press conference. "I just want to send everyone a letter. Congratulations! You paid 25% in taxes."
Subsequently, Trump suddenly announced on social media that he would terminate trade negotiations with Canada regarding the digital services tax issue and threatened to impose new tariffs on the United States' second-largest trading partner within a week. This move could also be interpreted as a warning to other leaders whom Trump considers to be out of touch.
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The Trump protocol may be unable to achieve comprehensive global trade reform.
Gate News bot news, according to Bloomberg, there are only 10 days left until U.S. President Donald Trump resumes imposing tariffs on specific countries, and the White House appears unable to fulfill its commitment to comprehensive global trade reform made during the three-month suspension of tariffs.
A senior advisor to Trump said this week that agreements with up to a dozen of America's largest trading partners are expected to be completed before the July 9 deadline. However, if the two other agreements Trump reached with China and the UK provide any indication, these agreements are likely not to be comprehensive agreements that address core issues, but rather will involve limited topics, with many specific details left for future negotiations.
Tim Meyer, a professor specializing in international trade at Duke University's School of Law, stated: "I expect the White House to announce some frameworks referred to as trade agreements, but they will not conform to anyone's usual understanding of the term."
For the other dozens of countries that failed to reach an agreement but were affected by Trump's tariff increase on April 2, the president threatened to impose new tariffs on top of the 10% baseline rate that would be implemented during negotiations. U.S. Treasury Secretary Scott Bessent stated on CNBC on Friday that most of these countries are "smaller trading partners."
On July 9, an agreement is about to be signed, and Trump and his advisors are making investors anxious. They subtly hint at which countries are close to reaching an agreement and which countries have not yet reached an agreement. The outcome of the agreement will determine the future direction of Trump's trade agenda—one of the core issues of his 2024 campaign—and it is crucial for the global economy as well as for the relations between the United States and its allies and rivals.
Even with such high risks, it remains unclear whether the U.S. government will stick to the deadline or extend it to allow more time for negotiations.
Bessent stated on Friday that about 20 countries that fail to reach an agreement by next Wednesday can continue negotiations, but if they are deemed to be negotiating "in good faith," their tariff rates will revert to the higher rates of April 2 or remain at 10%.
But a few hours later, Trump reiterated his threat to unilaterally set tariff rates for various countries—stating that he might even do so before July 9. Trump stated that the United States would not reach individual agreements with hundreds of countries.
"We can do whatever we want," Trump said at the White House press conference. "I just want to send everyone a letter. Congratulations! You paid 25% in taxes."
Subsequently, Trump suddenly announced on social media that he would terminate trade negotiations with Canada regarding the digital services tax issue and threatened to impose new tariffs on the United States' second-largest trading partner within a week. This move could also be interpreted as a warning to other leaders whom Trump considers to be out of touch.