The U.S. tariff pause deadline on July 9 is fast approaching, and global trade partners are feeling the heat! Trade negotiations are heating up between the U.S. and major players like the European Union, Canada, and Japan. Sources reveal that the EU is now braced to accept a 10% baseline tariff on its exports despite earlier hopes for lower rates. An anonymous EU official described the 10% figure as a "sticky issue" now that the U.S. is generating revenue from these tariffs.
U.S. Commerce Secretary Howard Lutnick has made it clear that the 10% threshold is non-negotiable. Meanwhile, European leaders are eyeing a model similar to the recent U.S.-UK deal, seeking an interim agreement while pushing for gradual reductions on higher tariffs for goods like steel and automobiles.
Tensions aren\'t limited to Europe. Over in Canada, officials have signaled that tariffs on U.S. steel and aluminum could be hiked by late July, intensifying trade woes further. In Japan, Economic Revitalization Minister Ryosei Akazawa admitted that discussions remain "uncertain" and lacking a clear overall framework.
Adding to the drama, former U.S. leader Trump has voiced his dissatisfaction, accusing the EU of not offering a "fair deal." Treasury Secretary Scott Bessent noted that Trump\'s recent tariff hikes appear to have spurred European negotiators to reconsider their stance.
This global trade tug-of-war is not just about numbers—it signals the start of a high-stakes saga that could reshape international market dynamics. Stay tuned for more updates on this unfolding story! 🚀🔥
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U.S. trade partners voice unease with tariff deadline nearing
cgtn.com
