Tariff negotiations are reaching a decisive phase, according to Kevin Hassett, as definite shapes of the deals are starting to emerge.
As the week commences, the focus is on the key tariff deadline set for July 9, 2025. This marks the expiration of President Trump's 90-day freeze on sweeping U.S. tariffs, potentially triggering increased import duties and economic uncertainty.
The United States is poised to either finalise trade deals or reinstate higher reciprocal tariffs for countries that fail to secure agreements. Key details of these deals involve the United Kingdom, China, Vietnam, and the European Union, among others.
The U.K. and U.S. have finalised a trade deal, which was implemented on June 30, 2025, at the G7 summit. This deal reduces U.S. tariffs on U.K. exports, notably cars and aerospace products.
The administration has touted agreements with China and Vietnam, though specific details have not been fully disclosed. The European Union, on the other hand, has had reciprocal tariffs on its goods delayed until July 9, with some tariffs set to take effect later in the year.
Numerous major U.S. trading partners are rushing to negotiate trade deals or seek extensions. Treasury Secretary Scott Bessent indicated that countries lacking finalized agreements by July 9 might receive a three-week extension to continue negotiations.
The U.S.-Mexico-Canada Agreement exempts many goods from the 25% tariffs, ensuring they remain unaffected by the current tariff changes.
U.S. Trade Representative Jamieson Greer has negotiated a "whole number" of deals with foreign governments. The White House National Economic Council director, Kevin Hassett, stated that there will be significant news this week regarding finalised trade deals.
President Trump announced a 90-day pause on most of his new tariffs, keeping a 10% baseline in place while raising the tariff rate on goods imported from China to 30%. Letters will be sent to countries where deals aren't advanced enough, with the U.S. planning to start sending these letters on Monday.
Treasury Secretary Scott Bessent stated that letters will be sent to countries, informing them that if progress isn't made by Aug. 1, tariff levels will revert to their April 2 levels. Hassett highlighted that the trade strategy is creating jobs in the U.S. due to foreign countries responding to potential high tariffs.
Kaia Hubbard, a politics reporter based in Washington, D.C., covers this developing story for our News Digital. Hassett mentioned that deadlines are in place, but deals might push back beyond the deadlines or not. He also mentioned the possibility of getting a deal "at the last minute" with the letters. The letters could be sent to both small and large trading partners.
Mr. Trump stated that tariffs will likely start on Aug. 1. Hassett, however, clarified that Aug. 1 is when the tariff changes will occur, not a new deadline. He also mentioned that the U.S. is willing to talk to all countries about ongoing world matters.
This week promises to bring significant developments in the world of trade as the U.S. continues its negotiations with various countries. Stay tuned for updates as this story unfolds.
- As the deadlines for trade agreements draw near, the focus has shifted to policy-and-legislation regarding the tariff changes, with July 9, 2025 marking the expiration of President Trump's 90-day freeze on sweeping U.S. tariffs.
- The U.S. is in negotiations with numerous major trading partners, including the United Kingdom, China, Vietnam, and the European Union, to finalize trade deals or reinstate higher reciprocal tariffs if agreements are not reached.
- Although details remain scarce, the administration has announced agreements with China and Vietnam, while the European Union faces potential higher tariffs if no deal is reached by July 9, with some tariffs set to take effect later in the year.
- With the tariff changes looming, countries are racing to negotiate trade deals or seek extensions, with Treasury Secretary Scott Bessent indicating that countries lacking finalized agreements by July 9 might receive a three-week extension to continue negotiations.
- As the week progresses, the world of finance, investing, and business will closely watch the developments in U.S trade policies, as the United States may reinstate higher tariffs on countries that fail to secure trade agreements, potentially causing economic uncertainty in the general-news sphere.
