With less than a week remaining before the US-set deadline for 'reciprocal tariff' negotiations, major economies are gearing up to defend their interests. Leaders from various regions are signaling readiness to secure a deal while also preparing for a scenario where talks fall short.
European Commission President Ursula von der Leyen stated that the EU is "ready for a deal" with the US. However, she made it clear that Europe is also bracing for the possibility of an unsatisfactory agreement, ready to take retaliatory measures to safeguard its interests. 🛡️
Across the Pacific, Japan’s Prime Minister Shigeru Ishiba highlighted Japan's unique role as the largest investor in the US and a major creator of jobs there. He emphasized that investment—and not just tariffs—is the key to resolving trade imbalances. This comes as US President Donald Trump expressed skepticism about the negotiations, even suggesting a potential tariff increase to 30% or 35%.
Meanwhile, trade talks with India have stalled over disputes involving auto components, steel, and farm goods, with India marking agriculture and dairy as red line issues. 🤝
On another front, a spokesperson for China's commerce ministry noted that teams from both China and the US are stepping up efforts to implement the outcomes of their economic and trade consultation mechanism. There is hope that this process will reinforce the mutually beneficial, win-win nature of China-US economic and trade relations. 🌏
As these high-stakes negotiations continue, the unfolding events serve as a reminder of how interconnected our global economy is. Stay tuned as we follow these developments that could reshape international trade dynamics!
Reference(s):
Major economies vow defense interests as US tariff deadline nears
cgtn.com
