Latest news with #WhiteHouseCouncilofEconomicAdvisers
Gulf Today
08-07-2025
- Business
- Gulf Today
Asian nations push for US tariff concessions
Powerhouse Asian economies Japan and South Korea said on Tuesday they would try to negotiate with the US to soften the impact of sharply higher tariffs that President Donald Trump now plans to impose from the start of August. Trump ramped up his trade war again on Monday, telling 14 nations that they would face tariffs ranging from 25% for countries including Japan and South Korea, to 40% for Laos and Myanmar. However, with the start date pushed back to August 1, those countries were focusing on the new three-week window to press for an easier ride. Stephen Miran, chairman of the White House Council of Economic Advisers, said he was optimistic that more trade deals could be struck before the end of the week. "However, it's incumbent upon the other countries to make the concessions that convince the president that the deals are worth taking for America," Miran told Fox News. Japan wants concessions for its large automobile industry, top trade negotiator Ryosei Akazawa said on Tuesday. Akazawa said he held a 40-minute phone call with US Commerce Secretary Howard Lutnick in which the two agreed to actively continue negotiations. However, he said he would not sacrifice Japan's agriculture sector - a powerful political lobby domestically - for the sake of an early deal. South Korea said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result." Asked if the latest deadline was firm, Trump replied on Monday: "I would say firm but not 100% firm. If they call up and they say we'd like to do something a different way, we're going to be open to that." Global stocks were flat to marginally higher on Tuesday, as investors took in their stride the latest twist in the tariff saga, but the yen slid on the prospect of duties on Japanese goods. Economists warned that the long-running tariff disputes risked stunting growth and pushing up prices, causing headaches for policymakers. "The ongoing threat of higher tariffs intensifies stagflationary risks in the US and puts pressure on Europe to stimulate domestic demand further in order to offset headwinds in international trade," said David Kohl, chief economist at Swiss-based bank Julius Baer. The European Union, which is the largest bilateral trade partner of the US, aims to strike a deal before August 1 with negotiations focused on "rebalancing" and concessions for certain key export industries, a European source familiar with the negotiations said. However, German Finance Minister Lars Klingbeil warned that the EU was prepared to retaliate if necessary. "If we don't reach a fair trade deal with the US, the EU is ready to take counter measures," Klingbeil said on Tuesday, speaking in the lower house of parliament. Some EU sources had said late on Monday that the bloc was close to an agreement with the Trump administration. This could involve limited concessions to US baseline tariffs of 10% for aircraft and parts, some medical equipment and spirits. Only two deals have been struck so far, with Britain and Vietnam. Trump has also said a deal with India was close. Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, U.S.-imposed August 12 deadline or leads to a lasting detente. SPREADING THE PAIN Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan, with levies of 30% on South Africa, Bosnia and Herzegovina, climbing to 32% on Indonesia, 35% on Serbia and Bangladesh, 36% on Cambodia and Thailand and 40% on Laos and Myanmar. Cambodia, hit hard by levies imposed in April, on Tuesday hailed as a big success a reduction in the tariff rate from 49% to 36% and said it was seeking to negotiate a further cut. The tariffs have been an issue for Cambodia's garments and footwear sector, a major employer and the biggest driver of its economy. The US is also the main export market for Bangladesh's ready-made garments industry, which accounts for more than 80% of its export earnings and employs 4 million people. "This is absolutely shocking news for us," Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association, told Reuters on Tuesday. Reuters
07-07-2025
- Business
Pressure from Trump for trade deals before Wednesday deadline, but hints of more time for talks
WASHINGTON -- The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1. That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more push off imposing the rates. Trump and his top trade advisers say he could extend the time for dealmaking but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS' 'Face the Nation' on Sunday that Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Stephen Miran, the chair of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled.' The steeper tariffs that Trump announced April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the U.S., and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminum and a 25% tariff on autos. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Trump told reporters Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the U.S. would not start collecting those taxes until Aug. 1. On Sunday, he said he would send out letters starting Monday — 'could be 12, could be 15' — to foreign governments reflecting planned tariffs for each. 'We've made deals also,' Trump told reporters before heading back to the White House from his home in New Jersey. 'So we'll get to have a combination of letters, and some deals have been made.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that Aug. 1 was a new deadline and declined to say what might happen Wednesday. 'We'll see," Bessent said on CNN's State of the Union. "I'm not going to give away the playbook.' He said the U.S. was 'close to several deals,' and predicted several big announcements over the next few days. He gave no details. "I think we're going to see a lot of deals very quickly,' Bessent said. Later Sunday, Trump vowed to impose more tariffs against the BRICS bloc of developing nations, which had condemned tariffs increases at its summit in Brazil. Trump said in a post on his social media platform that any country aligning itself with what he termed 'the Anti-American policies of BRICS' would be levied an added 10% tariff. Trump has announced a deal with Vietnam that would allow U.S. goods to enter the country duty-free, while Vietnamese exports to the U.S. would face a 20% levy. That was a decline from the 46% tax on Vietnamese imports he proposed in April — one of his so-called reciprocal tariffs targeting dozens of countries with which the U.S. runs a trade deficit. Asked if he expected to reach deals with the European Union or India, Trump said Friday that 'letters are better for us' because there are so many countries involved. 'We have India coming up and with Vietnam, we did it, but much easier to send a letter saying, 'Listen, we know we have a certain deficit, or in some cases a surplus, but not too many. And this is what you're going to have to pay if you want to do business in the United States.' Canada, however, will not be one of the countries receiving letters, Trump's ambassador, Pete Hoekstra, said Friday after trade talks between the two countries recently resumed. 'Canada is one of our biggest trading partners,' Hoekstra told CTV News in an interview in Ottawa. 'We're going to have a deal that's articulated." Canadian Prime Minister Mark Carney has said he wants a new deal in place by July 21 or Canada will increase trade countermeasures. Hoekstra would not commit to a date for a trade agreement and said even with a deal, Canada could still face some tariffs. But 'we're not going to send Canada just a letter,' he said.
Powys County Times
07-07-2025
- Business
- Powys County Times
Trump seeks to pressure trading partners to make deals before tariffs deadline
The Trump administration is stepping up pressure on trading partners to make new deals before a Wednesday deadline, with plans for the US to start sending letters warning countries that higher tariffs could begin on August 1. That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more delay imposing the rates. Mr Trump and his top trade advisers say he could extend the time for deal-making but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS's Face The Nation on Sunday that Mr Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Mr Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Stephen Miran, the chairman of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled'. The steeper tariffs that Mr Trump announced on April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Mr Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the US, and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminium and a 25% tariff on vehicles. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Mr Trump told reporters on Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the US would not start collecting those taxes until August 1. On Sunday, he said he would send out letters starting Monday — 'could be 12, could be 15' — to foreign governments reflecting planned tariffs for each. 'We've made deals also,' Mr Trump told reporters before heading back to the White House from his home in New Jersey. 'So we'll get to have a combination of letters, and some deals have been made.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that August 1 was a new deadline and declined to say what might happen on Wednesday. 'We'll see,' Mr Bessent said on CNN's State Of The Union. 'I'm not going to give away the playbook.' He said the US was 'close to several deals' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Mr Bessent said.
Leader Live
07-07-2025
- Business
- Leader Live
Trump seeks to pressure trading partners to make deals before tariffs deadline
That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more delay imposing the rates. Mr Trump and his top trade advisers say he could extend the time for deal-making but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS's Face The Nation on Sunday that Mr Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Mr Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Stephen Miran, the chairman of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled'. The steeper tariffs that Mr Trump announced on April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Mr Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the US, and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminium and a 25% tariff on vehicles. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Mr Trump told reporters on Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the US would not start collecting those taxes until August 1. On Sunday, he said he would send out letters starting Monday — 'could be 12, could be 15' — to foreign governments reflecting planned tariffs for each. 'We've made deals also,' Mr Trump told reporters before heading back to the White House from his home in New Jersey. 'So we'll get to have a combination of letters, and some deals have been made.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that August 1 was a new deadline and declined to say what might happen on Wednesday. 'We'll see,' Mr Bessent said on CNN's State Of The Union. 'I'm not going to give away the playbook.' He said the US was 'close to several deals' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Mr Bessent said.
Glasgow Times
07-07-2025
- Business
- Glasgow Times
Trump seeks to pressure trading partners to make deals before tariffs deadline
That furthers the uncertainty for businesses, consumers and America's trading partners, and questions remain about which countries will be notified, whether anything will change in the days ahead and whether President Donald Trump will once more delay imposing the rates. Mr Trump and his top trade advisers say he could extend the time for deal-making but they insist the administration is applying maximum pressure on other nations. Kevin Hassett, director of the White House National Economic Council, told CBS's Face The Nation on Sunday that Mr Trump would decide when it was time to give up on negotiations. 'The United States is always willing to talk to everybody about everything,' Mr Hassett said. 'There are deadlines, and there are things that are close, so maybe things will push back past the deadline or maybe they won't. In the end the president is going to make that judgment.' Stephen Miran, the chairman of the White House Council of Economic Advisers, likewise said countries negotiating in good faith and making concessions could 'sort of, get the date rolled'. The steeper tariffs that Mr Trump announced on April 2 threatened to overhaul the global economy and lead to broader trade wars. A week later, after the financial markets had panicked, his administration suspended for 90 days most of the higher taxes on imports just as they were to take effect. The negotiating window until July 9 has led to announced deals only with the United Kingdom and Vietnam. Mr Trump imposed elevated tariff rates on dozens of nations that run meaningful trade surpluses with the US, and a 10% baseline tax on imports from all countries in response to what he called an economic emergency. There are separate 50% tariffs on steel and aluminium and a 25% tariff on vehicles. Since April, few foreign governments have set new trade terms with Washington as the Republican president demanded. Mr Trump told reporters on Friday that his administration might be sending out letters as early as Saturday to countries spelling out their tariff rates if they did not reach a deal, but that the US would not start collecting those taxes until August 1. On Sunday, he said he would send out letters starting Monday — 'could be 12, could be 15' — to foreign governments reflecting planned tariffs for each. 'We've made deals also,' Mr Trump told reporters before heading back to the White House from his home in New Jersey. 'So we'll get to have a combination of letters, and some deals have been made.' He and his advisers have declined to say which countries would receive the letters. Treasury Secretary Scott Bessent rejected the idea that August 1 was a new deadline and declined to say what might happen on Wednesday. 'We'll see,' Mr Bessent said on CNN's State Of The Union. 'I'm not going to give away the playbook.' He said the US was 'close to several deals' and predicted several big announcements over the next few days. He gave no details. 'I think we're going to see a lot of deals very quickly,' Mr Bessent said.
