Catenaa, Tuesday, July 01, 2025- President Donald Trump team is no longer aiming for big trade deals with many countries but is trying to make smaller and quicker deals before July 09.
According to the Financial Times report on Tuesday, these mini deals would help countries avoid those harsh levies, but partners would still face existing tariffs while talks continue.
Talks continue to take place, and Trump is still threatening new tariffs on key sectors like cars, steel, and aluminium.
Trump’s self-imposed July 9 deadline, when Trump’s “pause” on his sweeping April duties expires, is fast approaching, with the president and top administration officials providing mixed signals on its malleability while countries race to finalize talks.
Trump said Sunday that he didn’t think he’d “need to” extend that deadline, while Treasury Secretary Scott Bessent on Monday warned “recalcitrant” countries that a return to steep “Liberation Day” tariffs looms.
On Monday, Trump posted on Truth Social that he would be sending Japan a letter with a new tariff rate, citing an unwillingness by the country to accept US rice exports.
Meanwhile, the European Union signaled it was willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for pharmaceuticals, alcohol, semiconductors, and commercial aircraft as part of a trade deal, Bloomberg reported.
The EU is also seeking quotas and exemptions to lower duties on autos, steel, and aluminium, the report said.
Canada scrapped its digital services tax on US technology companies, such as Apple, Amazon, and Alphabet, late on Sunday, just hours before it was set to start.
The White House said trade talks between the two countries had resumed after Trump threatened to cut off trade talks.
US stocks were down on Tuesday Morning, with the S&P 500 down by 0.17% and the Nasdaq by 0.5% while the Dow Jones was up by 0.5%.
