International trade tension: Trump's discussions with China, Britain, and major nations
The 90-day tariff ceasefire ends on July 9
Trump's got a new deal with the UK and met with China, but progress is slow
Uncle Sam's not exactly begging for trade deals, no siree. President Donnie Boy Trump has casually mentioned that he could sign 25 deals right now if he wanted, as British Prime Minister Keir Starmer and China's top economic official, He Lifeng, sat awkwardly nearby. No pressure, folks.
"Nobody, and I mean nobody, needs a piece of our market," trumpeted Trump to Howard Lutnick, US Trade Minister, during a sit-down at the Oval Office. "They want a piece of our market, and we're gonna give 'em a piece – but not too much!"
On Thursday, Trump announced a trade deal with the Brits, giving them a 10% cut on car imports and better access to our farmers' markets. But that's not all – talks with China are ongoing. Finance Minister Scott Bessent is currently in Geneva with He Lifeng, discussing tariffs and the like.
Trump took to his Truth Social platform to declare a "complete restart" in the tariff talks, but didn't spill the tea on all the gossipy details. You'll just have to wait and see what happens there, folks.
While discussions are underway, Wall Street's holding its breath. Jamie Dimon, CEO of JPMorgan Chase, recently spoke out, saying Trump's tariff approach was initially "too aggressive" but appreciated the need to address unfair trade practices.
"It's about principal agreements... a real trade deal would be 10,000 or 20,000 pages long," he said, reminding us all that long-ass agreements usually mean better terms for the big dogs. But any progress is good.
By now, you're probably wondering what's going down with our trading buddies across the globe. Let's break it down:
China
The US and the PRC (that's Chinese for "China") are talking, but they can't even agree on who initiated the discussions. Scott Bessent and US Trade Representative Jamieson Greer trekked all the way to Switzerland to chat with He Lifeng, China's top economic official. The tariff talks resumed on Saturday in Geneva.
Despite the talks, China still swears it never met with Trump's peeps to discuss any deals. But a breakthrough could be on the horizon, as both sides push to reach a resolution before the 90-day pause on Trump's tariffs expires.
Canada
Trump recently chilled in the Oval Office with Mark Carney, Canada's new Prime Minister. During their chinwag, both Carney and Trump agreed that the USMCA needed some tweaks as they planned for another round of trade talks in the coming weeks.
But Canada ain't exactly pleased with Uncle Sam right now, as it's currently slapping a 25% tariff on US goods, including steel and ag products.
United Kingdom
The UK is joining the gang, signing a trade deal with the US, which means British steel and car imports will face reduced tariffs. US farmers will also take a bite out of the UK market, with potential exports worth $5 billion dollars. England no longer comes under the 25% tariff imposed on most countries.
India
Trump and India could be brewing up a wicked trade deal – Vice President JD Vance hinted at the possibility in May. India is a major buyer of Venezuelan oil, so we'll have to keep an eye on potential US tariffs there.
Vietnam
Trump slapped a 46% tariff on Vietnam as part of his Independence Day announcement – but it's already on pause until July 9. Nguyen Hong Dien, Vietnam's top trade negotiator, has urged his country's companies to do more business with the US, as the country needs to reduce the US trade deficit.
Europe
Talks with the EU are delayed, due to the need for consensus among its 27 member states. But potential countermeasures could be in the works, as negotiations roll along at a snail's pace.
Japan and South Korea
Future trade talks will likely occur, but don't keep your ear to the ground for any recent developments. Both Japan and South Korea are in negotiations, but their elections and internal affairs are putting brakes on any super-speedy deals.
So, folks, that's the skinny on the state of global trade as we follow the saga of Trump's tariffs and deals. You stay tuned, and we'll keep you in the loop as things develop. Peace out!
- Trump, speaking to Howard Lutnick, US Trade Minister, stated, "Nobody, and I mean nobody, needs a piece of our market."
- In negotiations with China, both sides are struggling to agree on who initiated the discussions.
- Despite the ongoing tariff talks, China still refuses to acknowledge any meetings with Trump's representatives to discuss trade deals.
- The UK has agreed to a trade deal with the US, and Trump hinted that he could sign up to 25 such deals if he wished, but he plans to be selective, saying, "They want a piece of our market, and we're gonna give 'em a piece – but not too much!"
