Trump Pauses Tariffs, Secures Limited Trade Deals Amid Market Concerns
President Trump has paused new tariffs for 90 days, securing trade agreements with Vietnam and the UK, while Wall Street reacts to ongoing trade negotiations.
Overview
- President Trump has paused new tariffs for 90 days to allow for renegotiation of trade terms, with a deadline set for August 1.
- A recent deal with Vietnam grants U.S. goods duty-free entry, while Vietnamese exports face a 20% tariff, altering trade dynamics.
- The U.S. has finalized trade agreements with Vietnam and the UK, marking a total of three countries since the tariff pause.
- Wall Street is experiencing declines, with major indices down due to rising concerns over tariffs and trade negotiations.
- Market analysts warn that Wall Street's optimism regarding tariffs may be misplaced, as the situation remains fluid with significant implications for global trade.
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Analysis
Center-leaning sources frame the narrative around Trump's tariff policies with a focus on urgency and economic implications. They express skepticism about the effectiveness of his trade deals, highlighting potential consumer impacts and the administration's pressure tactics. The tone suggests a critical view of Trump's approach, emphasizing uncertainty and economic risks.
President Trump lowered tariffs to 10% for 90 days, pausing most new tariffs while maintaining the baseline, after stock market declines and warnings from economists.
Trump announced a trade deal with Vietnam allowing duty-free entry for U.S. goods and imposing a 20% levy on Vietnamese exports to the U.S.
The United States will be sending letters to countries warning of potential higher tariffs starting August 1.
President Trump announced plans to send tariff increase letters to countries without satisfactory trade deals starting at noon on Monday.
Trump and his trade advisers are open to extending dealmaking timelines while maintaining maximum pressure on other nations.
Trump's announcement of steeper tariffs on April 2nd posed a significant threat to the global economy and the possibility of broader trade wars.
Bessent anticipates multiple significant announcements in the near future.
Tariffs are taxes paid by U.S. companies on imported goods, which can be passed on to consumers by importers.
Treasury Secretary Scott Bessent dismissed August 1 as a new deadline for negotiations.
The Trump administration is pressuring trading partners to make new trade deals before a deadline.
Articles (29)
Center (13)
"…The Trump administration's new tariffs are seen as a way to ensure fair global trade while potentially hindering economic growth and sparking inflation."
CBS News·5h·"…the ultimate victims of his protectionism would, of course, be mostly the U.S. consumers"
CBS News·6h·"…The overall outlook for implementation has been murky."
Associated Press·7h·"…President Trump said on social media this weekend that he would start sending tariff increase letters to countries with which the U.S. does not reach satisfactory trade deals beginning at noon on Monday."
CBS News·7h·"…It represents a return to the back and forth, on-again, off-again state of affairs that prevailed leading up to, and shortly after, Trump’s April 2 speech announcing extreme import duties on dozens of nations."
NBC News·7h·"…The downbeat start to the week follows a strong run for stocks, which pushed further into record heights last week after a better-than-expected U.S. jobs report."
ABC News·9h·"…The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1."
ABC News·9h·"…The potential benefits of these tariff deals include reducing other countries' trade barriers, like tariffs and other regulations, giving U.S. exporters more consumers to sell to."
NPR·15h·"…The White House is set to put pressure on the U.S.'s trading partners this week to sign new tariff deals, with the hope that they will be finalized before a Wednesday deadline."
CBS News·22h·"…The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug. 1."
Associated Press·1d·"…Hassett touted the trade strategy Sunday, saying "people are responding to President Trump's potential threats to have high tariffs on countries by moving their activity here into the U.S., which is creating jobs.""
CBS News·1d·"…The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs were due to kick in, Treasury Secretary Scott Bessent said, predicting several big announcements in coming days."
USA TODAY·1d·"…The renewed uncertainty is likely to further upset markets, which saw stock futures go lower Friday after Trump mentioned the country letters."
NBC News·1d·FAQ
President Trump signed an executive order to prevent the cumulative effect of certain tariffs, ensuring that goods subject to Section 232 tariffs on automobiles or automobile parts are not also subject to other tariffs on Canadian- or Mexican-origin goods or applicable Section 232 tariffs on aluminum and steel articles or derivative products
Japan and South Korea are threatened with tariffs, which could be adjusted if they open their markets to more U.S. goods and reduce tariff and non-tariff barriers. Retaliatory tariffs from these countries could also lead to additional tariffs
History
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