U.S. President Donald Trump has provided an update on the potential trade deals, assuring that they will conclude most of them before the August 1 deadline. This is significant considering the impact that the Trump tariffs have had on the market so far, with so much uncertainty.
Trump Tariffs: U.S. To Conclude Most Trade Deals Before August 1
During a press briefing before he left for Scotland, Trump remarked that they will conclude most trade deals by the August 1 deadline. He added that they have completed most of these deals, suggesting that they are now just putting the finishing touches on them.
His statement comes in the week that the U.S reached a trade deal with Japan, lowering the Trump tariffs on the country from 25% to 15%. Meanwhile, as CoinGape reported, the U.S. and the E.U. are also nearing a deal.
However, Trump stated that there is a 50/50 chance that they will reach a deal with the E.U. He also stated that the region may need to lower its tariffs to get a deal.
It is worth noting that the U.S. has so far reached deals with the Philippines, Vietnam, and Indonesia in recent weeks, lowering the Trump tariffs in the process. However, there are still major trading partners it has yet to reach a deal with. These include India, Mexico, South Korea, China, alongside the E.U.
A trade deal with these countries is crucial, considering the potential negative impact it could have on the Bitcoin price and other cryptocurrency assets if no deal is reached before the August 1 deadline. Moreover, Trump already threatened to increase tariffs for countries that fail to open their markets to the U.S.
Updates On Deals With China And Canada
During the briefing, Trump specifically said that they are nearing a deal with China. He noted that he has had so many back and forth with China’s President Xi Jinping. However, they are now close to a deal.
Meanwhile, he suggested that the U.S. is far from reaching a deal with Canada. As such, the president declared that he may impose a unilateral tariff rate on Canada. The Trump tariffs on goods from the country stand at 25%.
Although Trump downplayed a deal with the E.U., officials from the region have stated that a European Union framework trade deal with the U.S. could be finalized this weekend. This will provide a significant boost to the Bitcoin price, which is currently trading within a narrow range.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.
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