In the first week of July 2025, the Trump administration made significant strides in trade policy, focusing on finalizing trade agreements and notifying countries of impending tariff rates. On July 7, Treasury Secretary Scott Bessent announced that the U.S. was close to finalizing several trade pacts, with letters to be sent to nations by July 9, outlining tariff rates effective August 1. These tariffs, including 25% on Japan and South Korea, aim to address trade imbalances. The administration’s 90-day tariff pause expired on July 9, prompting intensified negotiations. White House National Economic Council Director Kevin Hassett noted on July 6 that “rough outlines” of deals were emerging. The U.S. also struck a trade agreement with Vietnam, setting 20% tariffs on many of its exports. South Africa requested more time to negotiate before the tariff deadline. These actions reflect the administration’s push to reshape global trade dynamics, with ongoing talks involving multiple nations to secure favorable terms.
34news.online
34news.online
