U.S. President Donald Trump says most trade deals tied to his tariffs will be completed before the August 1 deadline. Speaking to reporters before heading to Scotland, Trump explained that many of the deals are already finalized and only need final touches.
The push comes as global markets watch closely, especially with the potential impact on trade and digital assets like Bitcoin.
Trump mentioned that a trade deal with Japan is already done, reducing tariffs from 25% to 15%. He also noted progress with China, saying they are close to an agreement after many discussions with President Xi Jinping.
However, talks with the European Union are less certain. “I would say that we have a 50-50 chance, maybe less than that,” Trump said, though he added that the EU “wants to make a deal very badly.”
Meanwhile, Trump warned that a deal with Canada seems far off. He stated that he may impose a unilateral tariff rate if no agreement is reached. Goods from Canada currently face a 25% tariff under the Trump policy.
In the last few weeks, the U.S. has reached agreements with Vietnam, Indonesia, and the Philippines. These deals included tariff cuts and signaled progress ahead of the deadline. Still, talks with other major partners like India, Mexico, and South Korea remain unresolved.
The European Union is actively working to strike a deal before Trump’s August 1 tariff hike. EU diplomats suggested a possible framework similar to the Japan deal, where a broad 15% tariff could replace the 30% rate proposed by Trump. One EU diplomat said the bloc was not considering a major investment pledge, unlike Japan.
The European Commission also confirmed it is aiming for a deal but approved counter-tariffs on $109 billion worth of U.S. goods in case talks fall apart. Trump trade adviser Peter Navarro told Bloomberg News the EU’s optimism should be taken “with a grain of salt.”
For now, the world is watching closely as the clock ticks down to the deadline. Trump’s moves could shape the next phase of global trade and possibly shake up crypto markets too.
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