PRESIDENT Donald Trump said yesterday the US will probably “live by the letter” on tariffs with Japan and may have another trade deal coming up with India, following his announcement of an accord with Indonesia on Tuesday.
“We have some pretty good deals to announce,” Trump told reporters at the White House.
“The big one really is going to be on the 150 countries that we’re really not negotiating with, and they’re smaller – we don’t do much business with.”
On July 7, Trump announced 25 per cent tariffs on imports from Japan and South Korea, effective August 1. He also announced separate rates for a number of other countries. On Tuesday, he said letters would be going out soon to dozens of smaller countries notifying them their goods would face a tariff rate of over 10pc.
He said those smaller countries would receive a “notice of payment” with a uniform tariff rates for the whole group.
The deal with Indonesia is among the handful struck so far by the Trump administration ahead of an August 1 deadline when duties on most US imports are due to rise again. The European Union and Canada, meanwhile, are readying countermeasures if their talks with the US fail to produce a deal.
Trump has said he does not expect to reach a broader deal with Japan.
Trump’s trade moves have upended decades of negotiated reductions in global trade barriers. They have unsettled international financial markets and stoked worries about a new wave of inflation.
Kevin Hassett, Trump’s top economic adviser, told Fox News that “a whole bunch” of additional trade deals would be announced very soon, but gave no details.
He said Trump’s strict August 1 deadline had spurred a flurry of new activity, including talks with countries that had not previously been in touch.
Trump yesterday repeated his prediction of a deal with India, which faces a 26pc tariff rate, but gave no details.
An Indian trade delegation arrived in Washington on Monday for fresh talks, with more officials expected to arrive later yesterday.
European Union trade chief Maros Sefcovic also headed to Washington yesterday for tariff talks, an EU spokesperson told Reuters. He plans to meet US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer.
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