Trump Administration Urges Quick Trade Deals Before Wednesday Deadline

The Trump administration is pressuring trading partners to make new deals before a Wednesday deadline. The U.S. plans to send letters on Monday warning of higher tariffs by Aug. 1, creating uncertainty for businesses and consumers. President Trump may extend the deadline but is applying pressure on other nations. Deals have been made with the UK and Vietnam. Tariffs were announced in April and suspended for 90 days. Few countries have set new trade terms with the U.S. since then. Letters outlining tariff rates will be sent to countries starting Monday. Treasury Secretary Bessent declined to confirm the deadline or reveal future plans.

Trump announced a deal with Vietnam for duty-free U.S. goods but with a 20% levy on Vietnamese exports. He mentioned potential deals with the EU and India. Canada will not receive letters as trade talks with the U.S. continue. Canadian Prime Minister Carney aims for a new deal by July 21 or will increase trade measures.

According to the source: AP News.