Tariff deadlines potentially pushing back, confirms Treasury Secretary regarding Trump's trade agreements.
Here's a lively, plain-speak take on the latest trade news:
Donald Trump's 90-day pause on those darn "reciprocal" tariffs for trading buddies is gonna extend, buddy. A top White House dude spilled the beans Wednesday. The Treasury Secretary, Scott Bessent, had a chat with the House of Reps' Ways and Means Committee, talking 'bout trade talks with 18 key trading partners. If negotiations keep rolling, those countries' tariff pause could carry on past the July 9 expiration date, Bessent said.
"It's highly likely that countries or trading blocs, like the EU, who are hustlin' in good faith, we'll move that date forward to keep those good faith talks going," Bessent explained.
Every import's facing a basic 10% duty, but if no deals are inked by July 9, the administration's promised to slap those "reciprocal" tariffs on some trading pals. Bessent's words come as the administration's got less than a month to complete the "90 deals in 90 days" grand plan. So far, just one deal's been announced—with the UK. Last week, the White House asked countries to lay their best cards on the table.
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The inside scoop: The 90-day tariff pause is nearing its end in early July, and without an extension, import duties could skyrocket beyond the current flat 10% rate[1]. Bessent hinted the tariff pause would keep going for countries "negotiating in good faith." However, Trump's taking a hardline stance, hinting at a take-it-or-leave-it ultimatum[1].
Only a deal with the UK has been secured so far, and negotiations continue with major economies like India, Japan, South Korea, and the European Union[1][2]. The EU's proposed tariffs, originally planned to start on June 1, have been delayed until July 9, pending ongoing discussions and potential adjustments[2].
tl;dr: If the "90 deals in 90 days" plan is any indication, only one deal's been locked in—with the UK. Time's runnin' out for most trading partners if further negotiations don't pan out or the pause ain't officially extended.
- In the ongoing trade talks, the Treasury Secretary revealed that if negotiations with 18 key trading partners continue, the tariff pause for those countries could potentially be extended beyond the July 9 expiration date.
- Meanwhile, the White House's '90 deals in 90 days' grand plan is approaching its end, and with only one deal with the UK secured so far, the administration might consider implementing a 10% import duty if no further negotiations result in agreements with other trading partners.
- With politics playing a significant role in shaping trade policies and legislation, the decision to extend the tariff pause or impose additional duties on trading partners could significantly impact the economy, particularly the technology sector, where the use of digital assets like tokens is increasingly prevalent, especially in the context of Initial Coin Offerings (ICOs). Keep an eye on general news for updates.
