Trump's global trade policy faces test, hours from tariff deadline
US President Donald Trump has said that tariffs "are making America GREAT & RICH Again.'
WASHINGTON - President Donald Trump's dream of a new world trade order faced a crucial test on July 31, with dozens of economies – including key commercial partners like Canada – yet to secure US tariff deals ahead of a midnight deadline.
The last-gasp scramble to strike bilateral accords came as an appeals court in Washington considered
the legality behind Mr Trump's strategy of invoking emergency economic powers to declare sweeping duties on imports.
The 79-year-old Republican doubled down on the wide-ranging levies, posting on Truth Social: 'Tariffs are making America GREAT & RICH Again.'
He insisted in a separate post that the world's biggest economy would have 'no chance of survival or success' without protectionist measures.
But question marks linger over the effectiveness of Mr Trump's grand plan – and whether he will really follow through on his most dramatic threats.
With just hours to go before his declared deadline, Mr Trump announced that he was
delaying a tariff hike on Mexican products, originally due on Aug 1, for 90 days after talks with his counterpart Claudia Sheinbaum.
White House press secretary Karoline Leavitt said Mr Trump will sign an executive order on July 31
to implement his various threatened tariff rates.
Other road bumps remain.
While Mr Trump has touted a surge in customs revenues since the start of the year, economists warn the duties could fuel inflation.
And the US Court of Appeals for the Federal Circuit was hearing arguments on July 31 in cases brought against Mr Trump's blanket tariffs targeting various economies.
A government lawyer told the court that Mr Trump's tariff orders were covered by 'broad discretion' he enjoys when it comes to handling national emergencies – including pressing economic issues.
A lower court's ruling had blocked most of the duties from taking effect, prompting the Trump administration's challenge. The duties have been allowed to remain for now.
Deal or no deal
So far, Washington has announced pacts with Britain, Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union, with new rates expected to take effect on Aug 1.
South Korea squeezed in
a last-minute agreement on a 15 per cent tariff, significantly below the 25 per cent that Mr Trump threatened on its goods.
But Mr Trump announced
50 per cent tariffs on Brazilian products – although delaying their imposition and allowing key exemptions – as an effort to pressure the US ally to drop its prosecution of right-wing former president Jair Bolsonaro on coup charges.
He also unveiled
a 25 per cent levy on Indian imports, and warned Canada it would face trade repercussions for planning to recognise a Palestinian state.
And the details of agreements that have been made remain vague.
The EU, while having
reached a pact, continues pushing for a carve-out for its wine industry.
Looming over the entire global economy is
the still unresolved trade tussle between the United States and its chief rival China, with the superpowers in talks to maintain a truce after earlier imposing triple-digit tariffs on each other.
Canada threat
Washington has yet to finalise a deal with neighbouring Canada, while Mr Trump said he was maintaining existing 25 per cent duties on Mexican imports.
Canada's trade relations with the United States came under renewed threat after Prime Minister Mark Carney
announced plans to recognise a Palestinian state at the UN General Assembly in September.
'That will make it very hard for us to make a Trade Deal with them,' Mr Trump warned on social media.
Mr Carney said on July 30: 'It is possible that we may not conclude talks by Aug 1.'
Goods covered by a North American trade pact have been excluded from Mr Trump's latest tariffs.
Although Mexico and Canada were not originally targeted under Mr Trump's 'reciprocal tariff' plan, he had separately threatened both neighbours with the same Aug 1 deadline.
The tariff hikes due on Aug 1 were announced in April when Mr Trump slapped
a minimum 10 per cent levy on goods from almost all partners – citing unfair trade practices.
This rate was set to rise to varying levels for dozens of countries, but Washington twice postponed their implementation. AFP
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