Financial Times: US Officials Seek to Narrow Scope of Trade Deal, Aim to Reach Agreement by July 9

According to a report by Jinse Finance citing the Financial Times, senior trade officials in the Trump administration are scaling back ambitions for comprehensive reciprocal agreements with foreign countries, instead seeking smaller-scale deals to avoid the reimposition of U.S. tariffs. Four sources revealed that U.S. officials are aiming to reach phased agreements with countries most actively involved, striving to finalize deals by July 9. This new plan for more limited and fragmented agreements signals the White House’s abandonment of its earlier commitment—made by the President on April 2—to reach 90 trade deals during the 90-day suspension of comprehensive reciprocal tariffs. However, it also offers some countries the opportunity to secure moderate agreements. Informed sources stated that BRICS nations are seeking to reach agreements in principle on a handful of trade disputes before the deadline. Countries agreeing to these narrower deals will be exempt from harsher reciprocal tariffs but will still be subject to the existing 10% base tariff, while negotiations on more challenging issues continue. Nevertheless, the talks remain complex, and the U.S. government is still considering imposing tariffs on key industries. (Jin10)