Is it the Trump Cliff or the art of trading? Dozens of countries face tariff deadlines without trade transactions
A potential blow to the global economy as many countries around the world face a much higher obligation on exports to the US on Friday, as they have yet to reach a trade deal with the Trump administration.
Some of the largest trading partners in the US An agreement has been reachedor at least one outline, european union, Englandand Japan. Still, these countries face far higher tariffs than they were in effect before Trump took office. Other large trading partners – most notable China and Mexico – They will receive an extension to continue negotiations and will not be hit by a new mission on Friday, but they will likely pay more.
President Donald Trump is an obligation to regain Manufacturing and at the same time, forcing other countries to reduce trade barriers to US exports. Trump claims foreign exporters will pay the tariffs, but so far economists have found that most have been paid by US companies. And there is a measure of US inflation I started checking it high Prices for imported goods such as furniture, electrical appliances, and toys will rise.
Countries without a deal can face up to 50% of their obligations, including large economies such as Brazil, Canada, Taiwan and India. South Africa, Sri Lanka, Bangladesh and even many smaller countries are on track. Little Lesotho.
The obligation came from Trump April 2nd “Liberation Day” The announcement is that the US will impose an import tax of up to 50% on roughly 60 countries, including the 27 European Union, and its economies. These duties, originally scheduled for April 9th, were initially postponed twice from July 9th to August 1st.
Will the deadline continue this time?
As of Thursday afternoon, White House representatives, and Trump himself, had insisted that no further delays were possible.
White House spokesperson Karoline Leavitt said Thursday that Trump will sign an order that will impose new tariff charges from midnight on Friday if he signs “this afternoon or later tonight.”
Countries that have not received previous letters on tariffs from Trump or negotiated trade frameworks will be notified of possible tariff rates, Leavitt said in writing or in the form of Trump’s executive order. At least 2 dozen A letter was sent to the country Set customs fees.
On Wednesday, Trump told the truth social on social media platforms that “the first deadline for August is the first deadline for August. It’s strong and won’t be extended.”
Which countries have trade agreements?
Amidst the last minute gust of contract production, Trump announced the agreement later Thursday, but they are largely lacking in detail.
Thursday, US and Pakistan A trade agreement has been reached Washington is expected to be able to support most of Pakistan’s undeveloped development Oil reserves Lower tariffs in South Asian countries.
And on Wednesday, Trump announced his deal with South Korea. This would result in a 15% tariff on goods from that country. That’s below the 25% obligation Trump threatened in April.
An agreement with the European Union has also been reached. PakistanIndonesia, Vietnam, Philippinesand the UK. The Philippines contract narrowly reduced the duties paid from 20% to 19%.
And which country isn’t?
The exact number of countries facing higher duties is not clear, but the majority of the 200 have not traded. Trump has already slapped big duties in Brazil and India, even before the deadline is reached.
In Brazil, Trump signed an executive order late Wednesday, imposing a 50% obligation on imports, but exempts several large categories, including aircraft, aluminum and energy products. Trump is like that I’m angry at the Brazilian government This is because he indicted former President Jia Bolsonaro for trying to overturn election losses in 2022. Trump was charged with similar charges in 2023.
Trump has tried to justify widespread tariffs as an effort to combat America’s chronic trade obstacles, but the US actually has a trade surplus with Brazil.
The negotiations between the US and Canada have been complicated by the Canadian government’s announcement in September that it will recognize the Palestinian state. Trump I said it early on Thursday The announcement would be “very difficult” for the US to reach a trade agreement with Canada.
Late Wednesday, Trump said India would do so. Pay 25% obligation This is because in all exports, some continue to buy oil from Russia.
On Thursday, the White House said it extended the deadline to reach a deal with Mexico for another 90 days, citing the complexities of trade relations governed by the trade agreement that Trump reached when he renewed NAFTA in his first term.
The August 1 deadline is particularly difficult for a small country caught up in Trump’s crosshairs. Because the White House admits it cannot negotiate with all countries facing tariff threats. Lesotho, For example, a small South African country was hit with a 50% mission on April 2nd. Despite its postponement, the threat has already devastated the apparel industry and is spending thousands of jobs.
“There are 200 countries,” the president admitted. Early this month. “You can’t talk to all of them.”
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AP writers Josh Boak and Wyatte Grantham-Philipps contributed to this report.