No Deadline Extension for Tariff Implementation
The United States has confirmed that there will be no extension of the July 9 application deadline for new retaliatory tariffs. These are tariffs which were imposed by President Donald Trump on various countries around the globe. From Friday, the US will begin sending letters to its trading partners, stating the tariff rates they need to abide by.
Daily Letters to Trading Partners
President Trump informed reporters that they will be sending letters to nations informing them how much they will have to pay if they want to trade with the US. Trump stated that approximately 10 nations every day will be receiving these letters starting Friday (US time). Although Trump indicated that there would be a possible extension of the deadline, updated information indicates that there will be no extension.
Background on the Tariff Announcement
Trump imposed the tariffs on April 2, after beginning his second term. India and China were impacted countries. The US had suspended the tariffs temporarily and granted nations 90 days, up to July 9, to discuss terms of trade. The nations were supposed to either alter their import-export tariffs or make trade agreements.
Trade Talks in Progress
Trump repeatedly threatened that, without a deal, the tariffs would come into play. In that case, nations such as India, China, and Britain have initiated trade negotiations with the US. Some agreements have already been made. Negotiations going on with India could produce a mini trade agreement in the next two days. Trump also confirmed that a trade pact with China was already made.
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