US President Donald Trump has said that his government would notify US trade partners of fresh unilateral tariff rates in one to two weeks' time, based on a Bloomberg report.
The notice comes ahead of the July 9 deadline for reimposing higher duties on various countries.
Addressing reporters at the John F. Kennedy Center, Trump stated that the U.S. would be sending formal letters to other nations, setting out new terms of trade with a simple message: take the deal or leave.
"At some point, we're just going to send out letters. And I think you know what I mean by this is the deal, take it or leave," he said.
Although Trump, in his declared time schedule, indicated that he would be meeting the self-imposed deadline, there is no clarity on whether he will do so. Previously, such commitments have been postponed or left incomplete. Earlier this month, he had announced that the decisions on imposing final tariffs would be taken within two to three weeks, which has yet to happen.
In April of earlier this year, Trump had promised to apply higher tariffs to various trade partners. But the White House was forced to postpone it by 90 days following a swift market reaction after expressing reservations about the potential to spur a broader global slowdown in economy.
To date, the United States has only concluded a trade deal with the United Kingdom, with only a temporary tariff truce in place with China. Nevertheless, even the U.S.-China trade relationship is precarious.
Tensions erupted once more this week as both countries accused each other of breaching the conditions of their earlier agreement. Senior-level negotiations were conducted in London to attempt to stabilize the deal and avoid its breakdown.
Despite these challenges, Trump told news reports on Wednesday that the U.S. trade deal with China had been signed. According to its terms, China will continue to supply rare earth elements and magnets to the U.S., while the U.S. will permit Chinese students to study in American schools—an aspect that was part of the larger package.
Asked if he would again postpone the tariff hikes to provide more time for other nations to negotiate trade agreements, Trump said it was possible but that he did not foresee one being necessary.
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