The United States is demanding that other countries submit their best offers for mutual trade negotiations by Wednesday. This is according to a draft letter to negotiating partners seen by Reuters. The five-week deadline set by the US is about to expire, and according to the agency, the letter indicates that the US administration needs to conclude the agreements as soon as possible.
Import duties
According to Reuters, the draft from the US Trade Representative’s office provides insight into how President Donald Trump plans to conclude the difficult negotiations with dozens of countries that he launched on 9 April. At that time, the White House suspended previously announced tariffs on imports from almost all countries in the world for 90 days, until 8 July. This was in response to sharp movements in the stock, bond and currency markets.
Officials such as White House economic adviser Kevin Hassett have repeatedly promised that several agreements are close to being finalised. However, only one agreement has been reached so far, with the UK, an important trading partner of the US. Even that, according to Reuters, resembles a framework for ongoing talks rather than a final agreement.
Draft agreement
According to the document, the US is asking countries to come up with their best proposals in key areas, including offers on tariffs and quotas for purchases of US industrial and agricultural products and plans to remove any non-tariff barriers.
Washington will evaluate the responses within days. It will then propose an agreement that could include reciprocal tariffs, the letter said.
Trump wrote on his Truth Social network last month that trade negotiations with the European Union are difficult and going nowhere, so he will recommend that a 50 per cent tariff on imports from the EU take effect on 1 June. However, after talks with European Commission President Ursula von der Leyen, he agreed to postpone the tariffs until 9 July.
Source: ČTK
