The United States has given trading partners 90 days to reach satisfactory trade agreements, driven by Trump's protectionist policies. As the deadline approaches, only two agreements have been reached, with the United Kingdom and Vietnam, along with a truce with China. The European Union is also involved in negotiations, facing significant tariffs. Treasury Secretary Bessent indicated that countries without finalized agreements by August 1 would revert to previous tariffs. The initial imposition of tariffs has caused market declines, leading to pressure on the administration to reconsider negotiations.
Eighty-eight days have elapsed, and Washington has only signed two agreements, with the United Kingdom and Vietnam, and a truce with China.
Washington's tariffs are a severe blow to a close relationship with the European Union, necessitating fast-tracked agreements.
Treasury Secretary Scott Bessent stated that countries not finalizing agreements by August 1 will revert to the tariffs announced on April 2.
Early hostilities led to sensational market declines, which pressured Trump to reconsider and establish a new deadline for trade agreements.
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