US trade partners are urgently negotiating to avoid increased tariffs as a deadline approaches. President Trump's deadline on July 9 requires countries to finalize trade deals or risk facing significantly steep tariffs. Following Trump's past announcements, the administration warned specific countries would receive letters outlining new tariff rates, with tariffs potentially reaching as high as 70 percent. The uncertainty has heightened anxieties regarding economic impacts, making the urgency for countries to secure trade agreements increasingly critical as they attempt to avert losses.
Countries that do not reach a deal will face higher tariffs from August 1. Tariffs could go as high as 70 percent, exceeding the previous 50 percent maximum.
US trade partners are racing to negotiate deals to avoid damage to their economies amid continuing uncertainty over Trump's next moves and looming tariffs.
Trump has indicated he will send letters to specific countries outlining new tariff rates and has sealed a number of new trade deals.
The global economy is on tenterhooks in the run-up to President Trump's deadline for countries to reach trade deals or face sharply higher tariffs.
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