US trade talks underway with 18 nations, reveals Wall Street Journal
Going Hardball on Trade
The U.S. Trade Representative office is getting ready to slam dunk in some major trade negotiations, according to a recent report in the Wall Street Journal. Sources close to the situation spilled the beans about a game plan designed to tackle tariffs and trade obstacles with nations believed to have been pulling a fast one on the U.S.
The new framework outlines a series of categories for negotiation: tariffs and quotas, non-tariff barriers, digital trade, economic security, and other issues. Inside each category, U.S. officials will lay down their demands for individual nations.
These negotiations are expected to go down with six nations over the course of a week, with an initial three-week session with each country. If all goes according to plan, these talks will repeat until July 8, when the tariff exemption deadline expires.
Trump's administration has already received and started mulling over 18 trade proposals from several countries. But don't get your hopes up—the White House wasn't quite ready to reveal who's in the running. Mexico, Canada, and China, which have hit back with retaliatory tariffs, seem to be out for this round.
Remember the day Trump suspended increased tariffs? That was April 9, when the new tariffs affected more than 75 countries that hadn't retaliated against the U.S. On that day, he set a 10% base rate for them, but the suspension period only lasts till July 8. If the nations can't strike a deal by then and Trump doesn't extend the deadline again, expect tariffs on certain countries to go up. But China, which currently faces 145% tariffs, won't be part of the suspension.
Good news for China, though—recent reports suggest that discussions about a trade deal with China are back on the table. Rumors are swirling about Trump reducing tariffs on Chinese goods to around 50-65%. Some insiders even speculate that the U.S. might lower tariffs on imported goods from China to 35% for non-threatening items and go as high as 100% for strategic products.
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- According to a recent report in the Wall Street Journal, the U.S. Trade Representative office is preparing to tackle tariffs and trade obstacles with several nations, as part of major trade negotiations.
- The new framework for trade negotiations includes categories such as tariffs and quotas, non-tariff barriers, digital trade, economic security, and other issues, with specific demands to be laid down for individual nations.
- The negotiations, scheduled to take place over the course of a week, involve six nations in an initial three-week session with each country, followed by possible repeat talks until July 8.
- The Trump administration has received and is considering 18 trade proposals from several countries, although the White House has yet to reveal which nations are under consideration.
- In a previous development, Trump suspended increased tariffs on more than 75 countries on April 9, setting a 10% base rate. However, the suspension period only lasts until July 8, after which tariffs on certain countries may increase if no agreement is reached, with China being one of the exceptions.
