The United States (US) is expected to finalize several major trade deals in the near future, with President Donald Trump setting August 1 as the implementation date for new tariffs on countries that have yet to reach an agreement by July 9.
Trump previously announced a base tariff rate of 10%, with an additional rate of up to 50% on some products. However, its implementation was delayed to make room for ongoing negotiations.
US Treasury Secretary Scott Bessent said a formal notice would be sent to the countries involved this week, in essence informing them that the original tariffs announced on April 2 would be re-imposed if no progress is made.
Currently, the Trump administration is focusing on 18 major trading partners that account for 95% of the US trade deficit, including India, Thailand and the European Union (EU).
India is reportedly close to reaching an agreement on a mini-trade deal within 48 hours, while Thailand is offering wider market access to US products in an effort to avoid tariffs as high as 36%.
Meanwhile, White House Economic Council Chief Kevin Hassett hinted that the implementation of tariffs may be extended for countries that show seriousness in negotiations.
The move is seen as Trump's maximum pressure strategy against countries that have yet to conclude trade negotiations with the US.
