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Financial Times: US Officials Seek to Narrow Trade Agreement Scope, Striving to Reach Agreement by July 9
Summary: According to the Financial Times, senior US trade officials are scaling back their ambitions for comprehensive reciprocal agreements with foreign countries, seeking instead smaller agreements to avoid US reimposing tariffs. Four sources stated that US officials are aiming for phased agreements with the most engaged countries, striving to reach an agreement by July 9. This ...
According to the Financial Times, senior US trade officials are scaling back their ambitions for comprehensive reciprocal agreements with foreign countries, seeking instead smaller agreements to avoid US reimposing tariffs. Four sources stated that US officials are aiming for phased agreements with the most engaged countries, striving to reach an agreement by July 9. This new plan for a smaller, fragmented agreement signifies the White House's abandonment of the commitment made on April 2 by the President to reach 90 trade agreements during the 90-day suspension of reciprocal tariffs, but also provides an opportunity for some countries to reach a moderate agreement. Insiders indicate that the BRICS countries are seeking to reach principled agreements on a few trade disputes before the deadline. Countries agreeing to these narrower agreements will be exempt from harsher reciprocal tariffs, but will still be subject to the existing 10% basic tariffs, while negotiations on more challenging issues continue. However, negotiations remain complex, and the US government is still considering imposing tariffs on key industries.
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Link: Financial Times: US Officials Seek to Narrow Trade Agreement Scope, Striving to Reach Agreement by July 9 [Copy]
