TBL Thinks: Trump Tariff Deals, New August 1st Deadline
Dear Readers,
It’s Thinking Time! This week, we cover the ongoing trade talks between the USA and several trade partners as they rush to reach an agreement before higher tariffs go into effect.
TBL Thinks is our way to summarize the most important paywalled, longer reads relevant to global macroeconomics, helping you cut through the noise. With that in mind, please enjoy.
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Trump Puts Pressure on Global Trade Negotiations
President Trump said the US will notify its trade partners via notices set to go out on July 9th of unilateral tariffs of up to 70% that would kick off on August 1st. His announcement left global investors on the defensive as markets closed for the Fourth of July. According to an economist at ING, higher tariffs going into effect in August indicate that the US wants time to continue pushing for trade agreements between key trading partners. The July 9th deadline for the 90-day pause on reciprocal tariffs was a self-imposed one, and according to recent comments by Scott Bessent, one that is not expected to be met - “the U.S. hopes to wrap up trade talks with more than a dozen nations by the start of September, implying that the administration isn't holding to the July 9 deadline that it originally set to conclude negotiations, or to reimpose its ‘Liberation Day’ tariffs.”