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Trump’s Trade War: The Stakes Get Higher as Deadline Approaches

Daniel Kim Views  

Containers are stacked behind a no entry sign in the harbor of Duisburg, Germany, July 14. Reuters-Yonhap]WASHINGTON (Reuters) – According to U.S. Treasury Secretary Scott Bessent on Monday, the Trump administration is emphasizing the quality of trade agreements over simply meeting deadlines, as nations face the August 1 cutoff to secure deals or confront steep tariffs.

Bessent told CNBC, “We’re not going to rush into deals for the sake of it.”

When asked whether the deadline might be extended for countries engaged in productive discussions with Washington, Bessent deferred to President Donald Trump’s judgment.

“We’ll see what the president decides. But if we revert to the August 1 tariffs, I believe a higher rate would pressure those countries to come to the negotiating table with better agreements,” he explained.

Trump’s trade war has sent shockwaves throughout the global economy, targeting most of the U.S.’s trading partners. Nonetheless, his administration has yet to achieve its ambitious goal of securing deals with numerous countries. Negotiations with India, the European Union, Japan, and others have proven more challenging than initially anticipated.

White House Press Secretary Karoline Leavitt informed reporters that trade could be on the agenda when President Trump meets Philippine President Ferdinand Marcos Jr. at the White House on Tuesday.

Leavitt added that the administration remains in active engagement with countries worldwide and may announce additional trade agreements or update tariff rate information before August 1, though no specific details were provided.

Her comments came as European Union diplomats revealed that they are exploring a broader range of potential countermeasures against the U.S., given the diminishing prospects for a favorable trade agreement with Washington.

An increasing number of EU member states, including Germany, are now considering anti-coercion measures. According to diplomatic sources, these could allow the bloc to target U.S. services or restrict access to public tenders if no deal is reached.

“The negotiations over tariff levels are extremely intense right now,” German Chancellor Friedrich Merz told reporters at a press conference. “It’s clear the Americans are unwilling to agree to a balanced tariff arrangement.”

Regarding China, Bessent indicated that discussions would take place “in the very near future.” He stated, “I think we are in a good place on trade, and now we can start addressing other issues. Unfortunately, the Chinese are major purchasers of sanctioned Iranian and Russian oil.”

“We also need to address the elephant in the room—the significant rebalancing that China must undertake,” Bessent added. U.S. officials have long criticized China’s overcapacity in various manufacturing sectors, particularly steel.

Bessent urged Europe to follow the U.S. lead if it decides to impose secondary tariffs on Russia.

The Treasury chief, fresh from a visit to Japan, emphasized that the administration is more focused on securing the best deal for Americans than on Japan’s domestic political issues.

Japan’s chief tariff negotiator, Ryosei Akazawa, departed for Washington on Monday morning for his eighth round of trade talks in three months. This follows a resounding defeat for the ruling coalition of Japanese Premier Shigeru Ishiba in upper house elections, partly due to voter discontent over U.S. tariffs.

Indian trade negotiators have returned to New Delhi after nearly a week of talks in Washington. However, government sources indicate that hopes are fading for signing an interim trade deal before the August 1 deadline.

Daniel Kim
content@viewusglobal.com

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