“It’s likely Trump will seek to escalate his threats against trade partners over the coming days to increase leverage in talks, as he did with Japan.”

Trump’s second-term rush to overhaul US trade policy has also fueled uncertainty for markets and corporate supply-chain managers trying to game out the effects on production, inventories, hiring, inflation and consumer demand. That sort of routine planning is hard enough without factors like tariffs that are moving forward one day, and potentially gone the next.

So far, the US economy is holding up, hiring is healthy, and inflation has remained tame. But the Federal Reserve is wary about tariffs despite pressure from Trump to lower rates, and wants to see how they feed through to output in the next few months.

Bessent has called trade one of three pillars of Trump’s agenda, which along with tax cuts and deregulation is aimed at unleashing investment, job growth and innovation.

“We’re going to be very busy over the next 72 hours,” Treasury Secretary Scott Bessent said Sunday on CNN’s State of the Union, referring to the time left before the administration’s July 9 deadline.

Heading into the final days before the July 9 deadline, negotiators are scrambling to come up with trade pacts.

“The money will start to come into the United States on Aug. 1,” Trump said, referring to the date he’s declared for the start of some new tariffs.

The US president isn’t just ripping up the old playbook for trade alliances. Trump’s tariffs will also help fill Treasury coffers at a time when investors are worried about the sustainability of the nation’s debt — particularly after Congress sealed much of the president’s economic agenda in a $3.4 trillion tax cut and spending package.

That’s when the 90-day reprieve from Trump’s so-called “reciprocal” levies ends, clearing the way for the protectionism he thinks will narrow US trade deficits and spark a manufacturing revival. The wielding of unilateral tariffs is upending a system that for decades encouraged lower barriers to commerce under rules enforced by the World Trade Organization.

(Bloomberg) — The world economy, beset with uncertainty for three months over Donald Trump’s on-again-off-again tariffs, is about to get more clarity as the US president’s deadline for trade deals arrives on Wednesday.

Story continues

—Adam Farrar and Maeva Cousin. For full analysis, click here

Trump is famous for saying that “tariffs” is his favorite word. Yet the economic fallout may blindside a president who incorrectly asserts that trading partners directly pay the customs duties he imposes. In fact, the burden most often falls on American importers, who must contend with tighter profit margins and weigh up whether to raise prices on consumers, seek discounts from their foreign suppliers, or a combination of both.

Bloomberg Economics estimates that if reciprocal tariffs are raised to their threatened levels on July 9, the average duties on all US imports could climb to about 20% from near 3% before Trump’s inauguration in January. That would add to multiple risks to the US outlook.

Elsewhere in the coming week, the Fed’s latest minutes, a possible rate cut in Australia, and economic growth numbers from China to the UK will be among the highlights. A summit of BRICS leaders also takes place from Sunday.

Click here for what happened in the past week, and below is our wrap of what’s coming up in the global economy.

US and Canada

The US calendar lightens up considerably following the June jobs report that appeared to take pressure off the Fed to lower rates when it meets late this month. Job growth exceeded forecasts on an unusual surge in public education employment, while the jobless rate declined.

Economists on Wednesday will parse minutes of the Fed’s June policy meeting for indications on whether officials are closer to lowering rates. Regional presidents Alberto Musalem and Mary Daly are among the officials slated to speak about the economy a day later.

Weekly jobless claims data on Thursday are expected to show employers are still reticent to cut staffing levels. At the same time, an elevated number of continuing claims suggests the unemployed are having a tougher time finding another job.

In Canada, figures for June are likely to show a further weakening of the labor market after the unemployment rate ticked up to 7% the previous month. Tariffs are curbing businesses’ appetite to hire, especially in manufacturing and other trade-exposed sectors. A report on return arrivals to the country in June is expected to reveal a continued decline in cross-border tourism.

For more, read Bloomberg Economics’ full Week Ahead for the US

Asia

The week is packed with central bank decisions and key macro indicators that will help define the region’s second-half trajectory. Monetary policy takes center stage in Australia, New Zealand, South Korea and Malaysia, where officials are expected to weigh recent inflation trends against slowing growth momentum.

Meanwhile, China’s inflation will offer fresh clues on the region’s manufacturing pulse and domestic demand conditions, after Vietnam on Saturday reported a surprise surge in growth.

The Reserve Bank of Australia is expected to lower its cash rate to 3.6% on Tuesday, marking a third consecutive cut as inflation eases. The decision will be preceded by the NAB business confidence survey and ANZ (ANZGY) job ads, both of which will help assess how sentiment and hiring intentions are tracking.

On Wednesday, RBA Deputy Governor Andrew Hauser gives a speech in Sydney on “Australian Macroeconomic Thought.”

The same day, the Reserve Bank of New Zealand is expected to keep its policy rate unchanged at 3.25%, while Malaysia’s Bank Negara is anticipated to hold its overnight policy rate steady on Wednesday. A day later, the Bank of Korea is seen holding the base rate at 2.50% as it weighs the case for buffering the economy from the impact of Trump’s tariffs against a desire to avoid fueling soaring housing prices in the capital.

China releases inflation data on Wednesday, with price pressures likely to remain subdued, while loans and money supply indicators will be closely watched during the week.

Japan publishes labor cash earnings on Monday as policymakers look for indications that rising pay is feeding into demand-led price gains. Bank lending, current account figures and the Eco Watchers Survey are also due.

Elsewhere, the Philippines publishes its employment report for May, Taiwan releases June CPI and trade data, and Indonesia updates on foreign reserves and consumer confidence.

For more, read Bloomberg Economics’ full Week Ahead for Asia

Europe, Middle East, Africa

Among this week’s highlights, UK GDP for May will be released on Friday, with a small increase predicted by economists after a drop in April that was the biggest drop since 2023.

The Bank of England publishes its latest financial stability report on Wednesday, with a press conference presented by Governor Andrew Bailey.

Manufacturing-related data from around the euro zone showing the impact of Trump’s tariff policies will draw attention following Friday’s release showing a much-bigger-than-anticipated drop in German factory orders in May.

That country’s industrial production numbers are due on Monday, followed on Tuesday by exports both there and in France. Output in Italy will be revealed on Wednesday.

Fewer European Central Bank appearances are scheduled, but Bundesbank President Joachim Nagel and Executive Board member Piero Cipollone will be among them.

Eurozone finance ministers will meet at the start of the week, with the agenda to include the exchange rate at which Bulgaria is supposed switch to the euro. Officials are also set to seal legislative acts to finalize that country’s new membership of the single currency starting in January.

Turning to the Nordics, Swedish inflation is due on Monday, followed by house price numbers on Tuesday and the monthly GDP indicator on Wednesday. That’s also when Norway and Denmark publish consumer-price data.

Russian policymakers will watch for evidence that inflation is continuing to ease when June numbers are published on Wednesday. The Bank of Russia cited slowing price growth in its decision to cut borrowing costs last month for the first time in nearly three years.

Deputy Governor Alexey Zabotkin said inflation data will influence whether officials consider a larger than one percentage-point cut in the key rate at its July meeting.

For more, read Bloomberg Economics’ full Week Ahead for EMEA

A few monetary meetings are scheduled throughout the wider region:

Israel’s central bank is set to hold rates for a 12th consecutive time, with policymakers waiting to see if inflation returns to the target range after the shekel rally that followed a ceasefire with Iran.

Romania’s decision on Tuesday and is expected to see borrowing costs on hold, with officials concerned that recent fiscal changes may trigger a new spike in inflation and dampen economic growth.

Serbian policymakers will reveal their decision on Thursday after keeping the rate unchanged at 5.75% since September.

The same day, Egypt’s central bank decision is due following two cuts in as many months, aimed at boosting economic growth. Inflation accelerated for a third month in May, potentially giving the officials pause before lowering the deposit rate from its current 24%.

Latin America

It’s inflation week in Latin America, with four of the region’s five major economies set to publish price data for June.

Colombia kicks off proceedings on Monday, with expectations that annual inflation slowed below 5% for the month. That would mark the lowest reading since October 2021, although price increases remain above the central bank’s target range.

Chile’s data on Tuesday is expected to show little change or perhaps a slight uptick in annual inflation from May, when consumer prices rose 4.4%. While that too remains above the central bank’s target, policymakers signaled last month that they may soon resume monetary easing if global economic uncertainty remains limited.

Mexico will release inflation data on Wednesday, a day before policymakers publish the minutes of their decision to cut rates by a half-point for the fourth consecutive time in late June. Analysts expect consumer-price increases to cool slightly, to 4.3%, from May.

The minutes will offer clues into how they view headwinds facing an economy that narrowly missed tipping into recession early this year, and provide more hints on the likely pace of future easing.

Brazil, the region’s largest economy, publishes its data on Thursday, with Bloomberg Economics forecasting that it will mark the first breach of the country’s new continuous inflation target. The central bank hiked rates again last month in an attempt to tamp down inflation that ran above 5% in May.

Peru’s policymakers will hold their latest rate decision Wednesday, with Bloomberg Economics expecting a quarter-point cut, to 4.25%, after they held steady at their last meeting.

For more, read Bloomberg Economics’ full Week Ahead for Latin America

—With assistance from Swati Pandey, Derek Decloet, Vince Golle, Monique Vanek, Travis Waldron, Simon Lee and Piotr Skolimowski.

(Updates with Bessent in sixth paragraph)

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Summary

Companies Higher tariffs to kick in on August 1

Trump says letters to go out at noon Monday

President slaps new 10% tariff on BRICS countries

White House’s Hassett says deadline could be extended for some

Bessent says some countries ‘foot-dragging’ on deals

MORRISTOWN, New Jersey, July 6 (Reuters) – The United States is close to finalizing several trade pacts in coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates set to take effect on August 1.

Since taking office, Trump has set off a global trade war that has roiled financial markets and sent policymakers scrambling to protect their economies, through efforts such as deals with the United States and other countries.

Sign up here.

In April Trump unveiled a base tariff rate of 10% on most countries and additional duties ranging up to 50%, although he later delayed the effective date for all but 10% until July 9. The new date offers countries a three-week reprieve.

Trump, whose remarks to reporters on Sunday came just before his return to Washington from a weekend golfing in New Jersey, had flagged the August 1 date earlier, but it was unclear if all tariffs would increase then.

Asked to clarify, Commerce Secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1, but Trump was “setting the rates and the deals right now.”

In a posting on his Truth Social website, Trump later said the U.S. would start delivering tariff letters from 12:00 pm ET (1600 GMT) on Monday.

In a separate post, he rolled out a wholly new tariff policy, calling for countries “aligning themselves with the Anti-American policies” of the BRICS developing nations to be charged an extra 10% tariff, with no exceptions to be granted.

The first BRICS summit in 2009 was attended by leaders from Brazil, China, India and Russia, with South Africa joining later while Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates were included last year.

Trump has close ties to leaders of some of those countries, such as Saudi Arabia and UAE, and has been touting the prospect of a trade deal with India for weeks.

On Sunday, BRICS leaders condemned attacks on Gaza and Iran, called for reforms to global institutions and warned that the rise in tariffs threatened global trade.

It was not immediately clear if Trump’s tariff threat would derail trade talks with India, Indonesia and other BRICS nations, however.

Earlier on Sunday, U.S. Treasury Secretary Scott Bessent told CNN’s “State of the Union” that several big trade agreements would be announced in the next days, adding that European Union talks had made good progress.

Trump would also send letters to 100 smaller countries with which the United States does not have much trade, notifying them of higher tariff rates, he added.

Item 1 of 4 A drone view shows a cargo ship at Kwai Tsing Container Terminals in Hong Kong, China, April 16, 2025. REUTERS/Tyrone Siu/File Photo [1/4] A drone view shows a cargo ship at Kwai Tsing Container Terminals in Hong Kong, China, April 16, 2025. REUTERS/Tyrone Siu/File Photo Purchase Licensing Rights , opens new tab

“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level,” Bessent said.

“So I think we’re going to see a lot of deals very quickly.”

Kevin Hassett, who heads the White House National Economic Council, told CBS’s “Face the Nation” program there might be wiggle room for countries engaged in earnest negotiations.

“There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,” Hassett said, adding that Trump would decide.

‘I HEAR GOOD THINGS’

Stephen Miran, chairman of the White House Council of Economic Advisers, told ABC News’ “This Week” program that countries needed to make concessions to get lower tariff rates.

“I hear good things about the talks with Europe. I hear good things about the talks with India,” Miran said. “And so I would expect that a number of countries that are in the process of making those concessions … might see their date rolled.”

Bessent told CNN the Trump administration was focused on 18 important trading partners that account for 95% of the U.S. trade deficit. But he said there had been “a lot of foot-dragging” among countries in finalizing trade deals.

Thailand, keen to avert a 36% tariff, is now offering greater market access for U.S. farm and industrial goods and more purchases of U.S. energy and Boeing (BA.N) , opens new tab jets, Finance Minister Pichai Chunhavajira told Bloomberg News on Sunday.

India and the United States are likely to make a final decision on a mini trade deal in the next 24 to 48 hours, local Indian news channel CNBC-TV18 reported on Sunday, with average tariffs of 10% on Indian goods shipped to the U.S., it said.

Hassett told CBS News that framework agreements already reached with Britain and Vietnam offered guidelines for other countries. He said Trump’s pressure was prompting countries to move production to the United States.

The Vietnam deal was “fantastic,” Miran said.

“It’s extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They’re opening their markets to ours, applying zero tariff to our exports.”

(This story has been corrected to show the new date offers a three-week reprieve, in paragraph 3)

Reporting by Andrea Shalal in Bridgewater, New Jersey and Nathan Howard in Morristown, New Jersey; Additional reporting by Brendan O’Brien and Nathan Layne; Editing by Diane Craft and Clarence Fernandez

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9m ago 14.12 BST Bessent aiming to meet with Chinese counterpart in coming weeks US treasury secretary Scott Bessent has said that he expected to meet with his Chinese counterpart in the coming weeks, to advance discussions on trade and other issues. Speaking to CNBC, Bessent said: “I’m going to be meeting with my Chinese counterpart at sometime in the next couple of weeks. We had good meetings in Geneva, in London. We both approached it with great respect. “I think there are things for us to do together if the Chinese want to do it, so we will discuss whether we are able to move beyond trade into other areas.” The London meeting, last month, led to a framework deal covering export restrictions on rare earths and semiconductors, building on the truce agreed in Geneva in May. US and China agree framework deal to extend trade war truce Read more Share

48m ago 13.32 BST Lisa O’Carroll European Commission president Ursula von der Leyen is expected to phone EU leaders today to take soundings on a draft framework deal with the US on tariffs, details of which have not been disclosed. “We’re fully geared up to get an agreement in principle by Wednesday, and we’re firing on all cylinders to that effect,” Olof Goll, the EU trade spokesperson, added. The deal is expected to include an agreement on reducing the current 27.5% tariff on car exports, something Germany badly wants, but also a potential standstill clause on tariffs on sectors including pharma and semi-conductors, while negotiations on a wider deal take place. Share

49m ago 13.31 BST Dow to shut basics siloxanes plant in Barry, and two plants in Germany Chemicals producer Dow has announced plans to shut three upstream plants in Europe, including one in the UK, and cut around 800 jobs. Dow blamed the closures on structural challenges in the region, and said it planned to remove higher-cost, energy-intensive portions of its European portfolio, Reuters reports. Under the plan, a Basics siloxanes plant in Barry, UK is set to close by the middle of 2026. Two plants in Germany – an Ethylene cracker in Böhlen, and a Chlor-alkali & vinyl (CAV) assets in Schkopau – are to close by the fourth quarter of 2027. CEO Jim Fitterling said: “Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape.” The 800 roles affect are on top of the 1,500 job cuts announced in January, through a $1bn cost-cutting programme. Back in April, the Unite union warned that almost three hundred jobs were at risk at the Basics area of Dow’s plant in Barry, Vale of Glamorgan. Share

1h ago 13.11 BST The goal posts are shifting again on the trade and tariff issue, reports Brad Bechtel,

global head of FX at Jefferies. Bechtel explains: President Trump has indicated countries will have until Aug 1 before new tariffs kick-in as they rush to complete trade deals with countries around the world. July 9 had been the working deadline and the administration is indicating that a slew of deals is in the hopper for this week, but the new quasi-extension was thrown out there this past weekend. Trump also indicated that trade deals will be announced today at 12pm. The EU and Japan are two of the larger deals to be resolved and EU officials claimed they were still working towards the Wednesday deadline to come to a conclusion. Trump indicating he will ‘have a deal or letter with most nations done by July 9’ but will start announcing deals today. He also threw in an extra 10% tariff for anyone ‘aligning’ with BRICS, whatever that means. Share

1h ago 13.04 BST Bangladesh’s interim government is anticipating a favorable resolution in trade negotiations with the US. “We’ve had at least seven rounds of negotiations, both virtual and in-person, and we expect a positive outcome,” commerce secretary Mahbubur Rahman said in an interview on Monday, Bloomberg reports. Rahman also said the US has hinted at creating two separate trade bands — one for least developed countries or LDCs, a group that includes Bangladesh, and the other for the remaining trading partners. Bangladesh was one of the countries hardest hit by Donald Trump’s trade war announcement of early April; it faced a new tariff of 37% on its imports to the US. Share

3h ago 11.15 BST “Time is money” when it comes to tariff negotiations between the European Union and the United States, a German government spokesperson has said. The spokesperson says: “Time is money in the truest sense of the word.” They added that German Chancellor Friedrich Merz had discussed the matter with EU Commission President Ursula von der Leyen and the leaders of France and Italy at the weekend, explaining: “In this respect, we should give ourselves another 24 or 48 hours to come to a decision.” Share

3h ago 11.10 BST Kremlin denies BRICS works against other countries The Kremlin has insisted that the BRICS group of nations had never been working to undermine other countries. Kremlin spokesman Dmitry Peskov said the Kremlin had taken note of Donald Trump’s threat to impose a 10% tariff on those aligning themselves with its “anti-American policies”. Peskov added: “We have indeed seen such statements by President Trump, but it is very important to note here that the uniqueness of a group like BRICS is that it is a group of countries that share common approaches and a common world view on how to cooperate based on their own interests. “And this cooperation within BRICS has never been and will never be directed against any third countries”. Share

3h ago 11.02 BST The US-Vietnam trade deal announced last week “raises hopes” for agreements with other emerging markets (EMs), says Jon Harrison of City firm TS Lombard. Harrison told clients: The US administration has indicated that deals are close to completion for 10 major trading partners. Most larger and mid-sized EM are among the major trading partners, but are aiming for a tariff of less than the 20% agreed with Vietnam, while few will be prepared to allow the zero tariff access to all US products granted by Vietnam. At the same time, however, most EM have more to offer in terms of delivering investment and jobs to the US as well as being potentially larger markets for US exports. Our base case remains that for most EM there will either be phase one deals, or sufficient progress made to justify a delay in threatened tariffs. There are nonetheless risks to this scenario as the deadline approaches, with lack of progress and potential sticking points in a number of countries, including India, South Korea and Taiwan, meaning that one or more countries could face punitive tariffs, even if only temporarily. South Korea, for example, has asked to delay the deadline, although Trump has previously said that in general there would be no delays Share

4h ago 10.30 BST The indications that new US tariffs could kick in on 1 August, rather than this week, could bring some relief to markets. But that’s probably countered by Donald Trump’s threat of a new 10% tariff on imports from BRICS-aligned countries. This has left the Stoxx 600 up 0.16% in early trading, with Germany’s DAX index gaining 0.6%. Joshua Mahony, chief market analyst at Rostro, explains: A mixed affair for European equities this morning, with traders weighing up the implications of Donald Trump’s decision to delay the reciprocal tariffs (against) set against the threat of a 10% BRICS tax. Whether it is a case of him chickening out, he clearly does not want to implement the reciprocal tariffs in their original format, and thus what started as April, pushed to July, and now turns to August. There will be many that see this as weakening his hand as nations note his unwillingness to follow through on his threats. Nonetheless, this once again provides markets with a breather, bringing over three-weeks longer until tariffs kick in. Share

4h ago 10.02 BST After last week’s gyrations, the UK bond market is looking calmer this morning. The prices on UK short and long-term government bonds have risen slightly, which has pulled down yields (the effective interest rate on the debt) a little. The yield on 10-year gilts is hovering around 4.538%, down two basis points from Friday night’s close of 4.552%. That’s lower than the 4.633% hit last Wednesday, when uncertainty over chancellor Rachel Reeves’s future hit the bond market. But it’s still higher than the 4.498% set at the end of June, before worries about change at the top of the Treasury pushed up borrowing costs. Dean Turner, economist at UBS, suggests gilts could be attractive at current levels, telling clients: We learned last week that any attempt to curb spending is going to prove almost impossible for this government, even with such a large majority. This inevitably means taxes are going up. The sooner the government is honest with the public and gets the deed done, the better. For investors in the gilt market, the volatility is likely here to stay for the time being. But this does not mean gilts do not look attractive, especially relative to cash, as interest rates will be much lower by the time the government’s second anniversary comes around. Share

The United States has extended its deadline for higher tariffs to take effect, offering a narrow window for its trading partners to finalise new trade agreements and avoid steep duties. President Donald Trump announced on Sunday that the tariff increase would now begin on 1 August, giving countries until 9 July to complete negotiations.

As per Reuters, Trump said several trade deals were “close” to being wrapped up in the coming days. The move is part of Washington’s strategy to pressure partners into making concessions while threatening significant economic consequences if talks stall.

Tariffs as bargaining tool

Trump’s tariff policy includes a 10 per cent base rate on most countries, with surcharges reaching as high as 50 per cent. While announced in April, those higher rates were postponed to allow time for negotiations. The new deadline, however, signals the White House’s impatience with what officials have described as slow progress.

Commerce Secretary Howard Lutnick told reporters the 1 August start date for higher rates remains in place, but added that Trump is “setting the rates and the deals right now.” This flexible approach is designed to keep trading partners off balance and eager to sign before penalties kick in, as per Reuters.

Letters warn over 100 countries

US Treasury Secretary Scott Bessent said on CNN that the administration would soon send letters to over 100 countries, warning them they could face tariff rates originally set in April but suspended until now.

According to Reuters, Bessent predicted a flurry of trade announcements soon, noting that talks with the European Union had made solid progress. The threat of returning to April’s tariff levels is meant to force countries to finalise deals quickly to avoid renewed trade tensions.

Flexibility for willing partners

White House National Economic Council head Kevin Hassett signalled that there could be “wiggle room” for countries negotiating in good faith. Speaking to CBS News, Hassett suggested Trump might offer extra time to partners prepared to make meaningful concessions.

Stephen Miran, chairman of the White House Council of Economic Advisers, echoed this optimism in an interview with ABC News. He highlighted positive signals from discussions with Europe and India, saying countries demonstrating goodwill could secure more favourable tariff terms or even a delay in the deadline.

Focus on key trade partners

As per Reuters, the Trump administration is prioritising negotiations with 18 major trading partners accounting for 95 per cent of the US trade deficit. But smaller economies are also being pressed to strike deals quickly.

Thailand, for example, is scrambling to avoid a 36 per cent tariff. The country’s finance minister told Bloomberg News it will offer greater market access for US agricultural and industrial goods, while promising increased purchases of US energy and Boeing jets.

India deal seen nearing conclusion

India is also racing to finalise an agreement. According to CNBC-TV18, India and the United States could announce a mini trade deal within the next two days. The average tariff on Indian goods shipped to the US is expected to settle at around 10 per cent if the deal is concluded, potentially sparing both economies deeper disruption.

White House officials are pointing to framework deals with Britain and Vietnam as models for these negotiations. Hassett argued these arrangements show Trump’s tariff threats are pushing manufacturing and investment back to the United States.

High-stakes strategy

Miran praised the deal with Vietnam as highly favourable to the United States. He described it as “extremely one-sided,” allowing Washington to impose significant tariffs on Vietnamese exports while enjoying near-zero tariffs on American goods in return. Trump’s approach, combining aggressive deadlines with the promise of tailored deals, is classic high-stakes negotiation. By delaying the tariff hike while warning of its swift return, the White House message is clear: sign now or pay later.

Whether this strategy will deliver durable agreements or provoke fresh trade tensions remains to be seen. For now, the world’s major economies have just weeks to avoid the next phase of Washington’s tariff escalation.

7th July 2025 – (Washington) The United States is on the brink of finalising numerous trade agreements in the upcoming days, with President Donald Trump announcing on Sunday that other nations will be informed of elevated tariff rates by 9th July. These escalated rates are slated to become effective on 1st August.

While Trump and senior officials previously highlighted the 1st August deadline, uncertainties lingered regarding the comprehensive tariff increment. When pressed for clarification, Commerce Secretary Howard Lutnick informed the press that the heightened tariffs would indeed be enforced on 1st August, emphasising that Trump is presently finalising the rates and agreements.

In April, Trump unveiled a 10% foundational tariff rate for most countries, with additional levies ranging up to 50%. Subsequently, he postponed the effective date for all except the 10% rate until 9th July. This revised date grants countries a three-week extension.

US Treasury Secretary Scott Bessent hinted on CNN’s “State of the Union” that significant trade agreement announcements are imminent, highlighting the positive progress in discussions with the European Union.

Bessent revealed that Trump intends to dispatch notices to 100 smaller trading partners, indicating that if progress stalls, they will revert to the tariff levels set on April 2, which were later suspended until 9th July.

Regarding ongoing negotiations, Kevin Hassett, the head of the White House National Economic Council, suggested on CBS’s “Face the Nation” program that there might be flexibility for countries deeply engaged in sincere talks.

The Trump administration is particularly focused on 18 key trading partners responsible for 95% of the US trade deficit, as noted by Bessent, who underscored delays in finalizing trade pacts. Trump’s push for concessions to secure lower tariff rates was echoed by Stephen Miran, chairman of the White House Council of Economic Advisers, who highlighted positive developments in discussions with Europe and India.

Finance Minister Pichai Chunhavajira of Thailand indicated willingness to enhance market access for US agricultural and industrial products and increase purchases of U.S. energy resources and Boeing aircraft to avoid a 36% tariff.

As per CNBC-TV18, India and the U.S. are poised to make a final decision on a minor trade agreement imminently, with average tariffs on Indian exports to the US anticipated to be 10%.

Hassett underscored the framework agreements with Britain and Vietnam as models for other nations pursuing trade negotiations, emphasising that Trump’s efforts are encouraging countries to relocate their production to the U.S. Miran lauded the Vietnam deal as “exceptional” for its mutual benefits, highlighting Vietnam’s market liberalisation and favourable tariff treatment for U.S. exports.