Trump tariff ultimatum: These countries have struck trade deals as US Prez prepares ‘take it or leave it' letters
These 'take it or leave it' offers enclosed in letters are scheduled to be sent out on Monday, July 7. With the letters set to go out Monday, here's a look at the countries that have already secured trade deals with the US, avoiding the 'take it or leave it' letters from Donald Trump.
In May, the UK concluded a trade deal with the US that kept a 10 per cent tariff rate and secured preferential treatment for some sectors, including autos and aircraft engines.
Under the US-Vietnam trade deal, tariffs on numerous Vietnamese goods have been reduced to 20 per cent, down from the previously threatened 46 per cent. Additionally, many US products will now be able to enter Vietnam duty-free.
Japan's tariff negotiator Ryosei Akazawa held 'in-depth exchanges' with US Commerce Secretary Howard Lutnick on Thursday and Saturday, reported Reuters, citing the Japanese government, which intends to actively coordinate with the US over the tariff issue.
Apart from India, the EU also could not conclude a trade deal with the US. On Friday, EU diplomats said they haven't achieved a breakthrough in trade negotiations with the Trump administration, Reuters reported.
A trade deal with India was not finalised and the Indian negotiators returned from the US on Friday, according to the reports.
Meanwhile, India has proposed retaliatory duties against the United States under World Trade Organisation (WTO) norms as a safeguard measure against American tariffs on the automobile sector.
"The proposed suspension of concessions or other obligations would take the form of an increase in tariffs on selected products originating in the United States," PTI reported, quoting a notification of the WTO.
While recognising the challenges of negotiating with more than 170 countries, Trump informed reporters that the letters would be sent to 10 countries at a time with tariff rates in the range of 20 per cent to 30 per cent.
'The letters are better ... much easier to send a letter,' Trump told reporters.
Trump's letter, scheduled to be sent out on Monday, comes days before the reciprocal trade deadline on Tuesday, ending the 90-day pause on duties. In April, Trump announced a 10% base tariff rate and additional tariffs up to 50% for trading partners, significantly impacting the financial markets. However, he subsequently paused these tariffs for 90 days, giving time for negotiations with trading partners.
Earlier, Trump said that after the July 9 deadline, tariffs may go even higher, up to 70%, effective from August 1 onwards.
Trump and his top aides initially said they would launch negotiations with scores of countries on tariff rates, but the U.S. president has soured on that process after repeated setbacks with major trading partners, including Japan and the European Union.
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