Trump Announces US Trade Deals Near, BRICS Nations May Face Extra Tariffs

Trade Deal Deadlines and Tariffs

• 🗓️ President Trump stated that the US is close to finalizing several trade deals, with notifications for higher tariff rates to be sent by his July 9th deadline.
• 📅 Commerce Secretary Howard Lutnik clarified that while deals or letters might be issued by July 9th, the tariffs themselves will go into effect on August 1st.
• 📢 Trump also announced via social media that Washington would begin delivering tariff notification letters starting Monday.

New Policy on BRICS Nations

• 🌍 A new policy was introduced stating that countries aligning with the BRICS group (Brazil, Russia, India, China) could face an additional 10% levy.
• ❓ It remains unclear how this new policy will impact ongoing trade talks, especially with nations like India, which Trump had previously indicated were likely to reach a deal.

Progress in Trade Negotiations

• 🤝 Treasury Secretary Scott Bezant indicated that several significant trade agreements are nearing announcement, with progress made in talks with the EU.
• 💬 White House economic advisor Kevin Hassett suggested there could be flexibility for countries actively engaged in negotiations, with potential for deadlines to be extended at Trump's discretion.