The U.S. Treasury Department has announced that mutual tariffs, which were temporarily suspended, will be reinstated on August 1 for countries failing to show progress in ongoing trade negotiations. This decision comes as U.S. Treasury Secretary Scott Besant emphasized the urgency of reaching agreements during an interview with CNN.
Secretary Besant highlighted that President Trump will be dispatching letters to trading partners, warning them of a return to previous tariff levels if negotiations do not advance. "We're anticipating a surge in agreements soon," Besant remarked, underscoring the administration's strategy to apply pressure on nations lagging in negotiations.
Previously, President Trump had confirmed to reporters that he had signed directives specifying the mutual tariff rates for 12 countries, set to be dispatched imminently. The U.S. administration is employing what Besant describes as a "maximum pressure playbook," giving countries the choice to either expedite negotiations or face reinstated tariffs.
While Secretary Besant noted that a few countries are nearing agreements, he refrained from identifying them. Meanwhile, Kevin Hassett, Chairman of the White House National Economic Council, hinted at the possibility of extending negotiation deadlines for countries demonstrating good faith in discussions. "The U.S. is open to engaging with any country on global issues," Hassett stated in a CBS interview, suggesting that some negotiations might continue past the deadline.
Steven Miran of the White House Council of Economic Advisers echoed this sentiment on ABC News, indicating that nations negotiating sincerely and making concessions might receive more time to finalize agreements. He expressed optimism that such countries could adjust their schedules to meet U.S. demands.
In related developments, Indian media outlet CNBC-TV18 reported that the United States and India are on the brink of sealing a mini-trade deal within 24 to 48 hours, as cited by Reuters. The discussions on this deal have reportedly concluded, with broader negotiations scheduled to commence shortly.
Furthermore, Secretary Besant mentioned that the U.S. plans to send letters to approximately 100 smaller countries with minimal trade activity, most of which are already subject to a basic 10% tariff. "Many of these nations have not engaged with us on tariff discussions," Besant noted, highlighting the administration's broader approach to global trade relations.
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