What's the latest on Trump's planned global tariffs?
Asked 4 days ago
Answer
President Trump is not planning to extend the current pause on global tariffs, which is set to expire soon. If no new trade deals are reached, tariffs are expected to resume, though there is some uncertainty within the administration about the firmness of the July deadline. Ongoing negotiations with countries like Canada, Japan, and South Korea may influence the timing, with some officials suggesting deals could be reached closer to Labor Day. The tariffs have already impacted sectors such as fireworks, with significant price increases and supply disruptions due to tariffs on Chinese imports.
References
President Trump says he is not planning to extend the July 9th pause on global tariffs. If no trade deals are reached, tariffs will resume, though there is uncertainty within the administration about the firmness of this deadline. Treasury Secretary Scott Besson has suggested that further trade agreements could be reached later, possibly closer to Labor Day.
Trump has stated that if there are no deals, he will move ahead with more tariffs. However, his words suggest he is not entirely committed to the July deadline, and there may be more time to reach deals with countries like Japan and South Korea.
Trump does not plan to extend the 90-day pause on tariffs, which is set to expire soon. Negotiations with Canada are ongoing, with both countries aiming to reach a new deal. Key issues include oil, steel, auto supply chains, and dairy market access.
