Trump tariffs live updates: Trump may extend tariff deadline, CEA chair Stephen Miran says
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Trump tariffs live updates: Trump may extend tariff deadline, CEA chair Stephen Miran says
White House Council of Economic Advisers chairman Stephen Miran says he expects the tariff pause to be extended. Miran said he doesn’t see the aggregate tariff rate falling materially below the 10% level in the long run. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go. The US economy is still figuring out the effects of the tariffs while the White House is simultaneously making a push to get the “big, beautiful” tax bill passed in the Senate.
“I mean, you don’t blow up a deal that’s that’s in process and making really good faith, sincere, authentic progress by dropping a tariff bomb in it,” Miran told Yahoo Finance’s Brian Sozzi.
In recent weeks, President Trump and administration officials have signaled a willingness to roll back the self-imposed tariff deadline of July 9 as pressure builds for talks to turn into pacts. From Canada to Japan, key trade deals are struggling to get over the finish line with just two weeks to go.
Trump and officials have warned that he could soon simply tell countries their tariff rates, raising questions about the status of negotiations. Miran said that he doesn’t see the aggregate tariff rate falling materially below the 10% level in the long run, but some countries may negotiate more favorable duties while others will see a return of the steeper “Liberation Day” tariffs.
So far, Trump has firmed up a trade deal with the United Kingdom. In Canada, Prime Minister Mark Carney’s government threatened to hike tariffs by late July on US imports of steel and aluminum, after Trump ballooned US levies on those metals. The countries are aiming for a deal by mid-July.
The European Union has also vowed to retaliate if the US sticks with its baseline 10% tariffs, according to a report in Bloomberg. Trump has threatened tariffs of up to 50% on EU imports.
One sticking point in negotiations has come from Trump’s disorganized approach to his tariff policies. According to Bloomberg, some countries have resisted signing deals without knowing whether Trump’s other duties — including those on metals, chips, and other materials — would still apply to them.
Meanwhile, the US economy is still figuring out the effects of the tariffs while the White House is simultaneously making a push to get the “big, beautiful” tax bill passed in the Senate. Fed Chair Jerome Powell this week reiterated that the central bank is still waiting to see the effects of the tariffs on prices before cutting interest rates.
Read more: What Trump’s tariffs mean for the economy and your wallet
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