United States President Donald Trump has signed tariff letters on exports from 12 international locations, that are anticipated to be despatched out on July 7 (Monday).
Talking to the media aboard Air Drive One, the US President stated the names of the international locations which is able to obtain the letters would solely be revealed on Monday.
“I signed some letters and so they’ll exit on Monday, most likely 12. Totally different quantities of cash, totally different quantities of tariffs,” he instructed reporters.
“The letters are higher. It’s a lot simpler to ship a letter,” Trump added.
Trump has instructed that the reciprocal tariffs may go even greater, doubtlessly reaching 70 p.c for some international locations, and take impact from August 1.
The US President in April unveiled a base tariff of 10 p.c on most items getting into the nation, together with greater charges for sure international locations, together with China. These elevated tariffs had been later suspended until July 9.
Washington has concluded commerce agreements with two international locations – the UK and Vietnam.
In the meantime, India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, has returned from Washington with out reaching a ultimate settlement with US officers on the delicate concern of commerce in agricultural and dairy merchandise that the US is pushing for.
Nevertheless, there’s nonetheless a glimmer of hope that an interim bilateral commerce settlement could also be reached on the highest political degree within the two international locations earlier than the July 9 deadline.
The Indian staff was in Washington for negotiations on an interim commerce settlement with the US from June 26 to July 2.
In line with Commerce Minister Piyush Goyal, India won’t hurry into signing a free commerce settlement below stress from any deadline.
Talking on the sidelines of an occasion within the nationwide capital, Minister Goyal emphasised that India is able to make commerce offers within the nationwide curiosity but it surely “by no means negotiates commerce offers with a deadline”.
The US is searching for broader market entry for its agricultural and dairy merchandise, which is a serious hurdle, as for India, this can be a livelihood concern for the nation’s small farmers, and therefore, is taken into account a delicate space.
Whereas India is searching for to safe an exemption from President Trump’s 26 p.c tariffs by concluding an interim deal earlier than July 9, additionally it is pushing for vital tariff concessions for its labor-intensive exports, reminiscent of textiles, leather-based, and footwear.