by This week, as a deadline for trade agreements approaches and the administration starts informing nations about the tariffs they would be subject to on U.S. exports, President Trump is expected to increase economic pressure on America’s trading partners.
The government has been attempting to reduce economic barriers to U.S. exports by negotiating trade agreements with dozens of nations for the past ninety days. In an attempt to secure concessions, the president put strong international tariffs on almost all trading partners in April but postponed the majority of those taxes until July 9.
Only two tentative trade agreements have been negotiated by the US thus far, with Britain and Vietnam. These agreements are vague and still require a lot of work.
In the days ahead, further restricted trade agreements, such as a preliminary framework for trade with India, may be unveiled. Lower tariff rates than those Mr. Trump warned in April are available to nations that have already agreed to trade agreements, including preliminary handshake agreements.
Although the president and his advisors have recently hinted that the tariffs would not take effect until August 1 instead of July 9, other nations that have not struck agreements are anticipated to face significantly higher duties.
However, a few-week delay could not be enough to appease many foreign governments, as tariffs threaten to strain diplomatic ties and even stop some international trade. Additionally, it might cause more unrest in the financial markets, which erupted in protest when Mr. Trump first announced his worldwide tariffs. This breakdown led Mr. Trump to impose the 90-day suspension.
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