Trump has received 18 written offers from countries on trade, wont allow rushed deals, top econ adviser says
The Trump administration has received 18 “written offers” from foreign trade ministers so far this week, according to the White House’s top economic adviser.National Economic Council Director Kevin Hassett stressed that the Trump administration won’t be “rushed” into getting those deals across the finish line and praised the rapid progress being made.“It’s going to happen in Trump time,” Hassett boasted on Fox News’ “The Ingraham Angle” on Wednesday.“And it’s not rushed deals.
It’s carefully thought-out deals in anticipation of the actions that the president took.”In addition to the written offers, Hasset revealed that US Trade Representative Jamieson Greer has at least 14 meetings scheduled this week with foreign trade reps looking to iron out a deal.On April 9, Trump, 78, announced a sudden 90-day pause on almost all of the customized “Liberation Day” tariffs he had planned.
The 10% baseline rate was left intact, as was the 25% automotive tariff, 25% tariff on steel and aluminum, and 25% tariff on imports from Canada and Mexico that don’t comply with the United States-Mexico-Canada Agreement (USMCA).China was also hit with a 125% retaliatory tariff in addition to the 20% rate imposed earlier this year due to Trump’s fentanyl demands.If countries are unable to cut a deal with the Trump administration by July 8, they could face the large, across-the-board customized tariff rates the president unveiled earlier this month.
That gives a very small window to get those deals finalized.Under the first Trump administration, it took nearly two years to renegotiate the North American Free Trade Agreement (NAFTA) into the USMCA.On average, trade deals take 18 months to complete due to their complexity, according to one study.
But this go-around, the Trump administration is eyeing rapid deals with myriad countries rather than more traditional free trade agreements that would need congressional approval.“No these these deals very, v...