“Today we did some trades that are great deals in the country”: Trump is heartfelt as tariff scramble continues.
A dramatic tariff hike on President Donald Trump’s starting point led countries around the world to scramble on Thursday to finalise trade frameworks with the US and grasp the rates that commodities could face and face with the unknown.
Shortly before the tariff deadline on Friday, Trump said he would face a 90-day negotiation period with Mexico, one of his current trading partners. 25% tariff rate It stayed in place from the 30% he had previously threatened.
“We have won 90 days to avoid the increase in tariffs announced tomorrow and to build a long-term agreement through dialogue,” Mexican leader Claudia Sheinbaum wrote x After a call with Trump, he said he called it “very successful” in that leaders would get to know each other better.
White House press director Karoline Leavitt said in a news briefing Thursday that Trump will sign an order that will charge a new fee from 12:01am on Friday if he signs “this afternoon or later tonight.” Countries that have not received previous letters from Trump or negotiated the framework will be notified in either letters or executive orders that there is a possibility of tariff rates, she said.
The unknown created a sense of drama that has defined the unfolding of Trump’s tariffs over months. That consistency is his desire to collect import taxes that most economists ultimately end up in some way by US consumers and businesses.
“Today we’ve done some of the great deals in the country,” Trump told reporters Thursday afternoon.
Trump said Canadian Prime Minister Mark Carney called before a 35% tariff was imposed on many of his country’s goods, but “we’re not talking to Canada today.”
Trump has imposed a Friday deadline after tariffs on the previous “liberation day” in April caused panic in the stock market. His unusually high tariff rate, announced in April, has led to fears of a recession, and has led to Trump being negotiated for 90 days. When he failed to create sufficient trade deals with other countries, he extended his timeline and sent letters to world leaders who simply listed rates, prompting many hasty deals.
Trump has reached a deal South Korea Wednesday, and previously with the European Union, Japan, Indonesia and the Philippines. His Secretary of Commerce, Howard Lutnick, said Fox The news channel “Hanity” means that after agreeing to a ceasefire on a border conflict, there was an agreement with Cambodia and Thailand.
Among those uncertain about their trade status were wealthy Switzerland and Norway.
Norwegian finance minister Jens Stoltenberg said it was “completely uncertain” whether the transaction will be completed before Trump’s deadline.
But even the disclosure of a transaction can provide a slight sense of security to American trading partners.
EU officials are waiting to complete a key document outlining how the framework for taxing cars and other goods imported from the 27-member state bloc taxes. Trump announced his contract on Sunday while he was in Scotland.
“The US is making these commitments. It’s up to the US to implement them now. The ball is in their court,” said Olof Gill, spokesman for the EU Commission. The document is not legally binding.
Trump said goods imported to the US as part of the agreement with Mexico will continue to face 25% tariffs that he ostensibly links to fentanyl trafficking. He said cars face 25% tariffs and copper, aluminum and steel will be taxed at 50% during the negotiation period.
He said Mexico would end the “non-tariff trade barrier,” but he did not provide details.
Some products are still protected Customs 2020 US-Mexico-Canada Agreement, OR USMCATrump negotiated during his first term.
But Trump appeared to have gotten worse with the deal. One of his first important moves as president was to tariff on goods from both Mexico and Canada earlier this year.
US Census Bureau figures show that the US operates a $171.5 billion trade imbalance with Mexico last year. In other words, the US purchased more items from Mexico than it was sold to this country.
The imbalance with Mexico grew in the aftermath of the USMCA, as it was only $63.3 billion in 2016, before Trump began his first term in office.
In addition to addressing fentanyl trafficking, Trump has aimed to bridge the trade gap.
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Associated Press writers Lorne Cook in Brussels and Jamey Keaten of Geneva contributed to this report.