The Trump administration is reportedly working to deliver on a final trade deal deadline set for Wednesday. A draft letter to various U.S. trading partners sets the deadline so close, Reuters reports, to try and push for faster trade talks as the U.S. scrambles to unveil a major trade deal the administration says is imminent.
Trump's team is pushing for a deal to avoid its own tariffs
Time is running out for the Trump team to secure, finalize and announce trade deals with other countries that support Donald Trump's "America First" campaign pledge. The White House has temporarily suspended Trump's "Liberation Day" package of tit-for-tat tariffs for 90 days, which are set to go into full effect in just a few weeks on July 8.
So far, the only country close to a trade deal with the U.S. is the U.K., which itself is light on specifics about what an actual trade deal would be and is mostly an agreement to continue negotiations in a way that would please President Trump.
The Trump administration is no doubt rushing to secure some form of trade concessions that it can announce from major trading partners: Trump's tariffs are currently in litigation, having been granted a temporary stay as a US federal appeals court considers the validity of a lawsuit filed against Trump over his tariffs. If the trade court's initial finding that Trump is unconstitutionally abusing the IEEPA legal framework to impose trade tariffs is upheld, it could end Trump's ability to impose tariffs that have the effect of shaking global markets. (alg)
Source: FXstreet
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