Trump rejects the expansion of tariff discussions as the deadline approaches of July 9

Trump rejects the expansion of tariff discussions as the deadline approaches of July 9

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President Donald Trump said he is not considering postponing his deadline of July 9 for higher rates to resume and to renew his threat to lower conversations and to impose the rates in various countries, including Japan.

“No, I am not thinking about the break,” Trump said on Tuesday when he was asked if he would extend the negotiation period with trading partners. “I will write letters to many countries.”

American stocks withdrew after Trump’s comments to reporters on board Air Force One. The S&P 500 index quickly dropped 14 points on the headlines after the trade had not changed earlier in the day. The meter drops 0.1 percent from 3.36 hours in New York. The CBOE VIX index jumped above 16.8 before he parried the advance.

Investors are closely monitoring how the president decides to treat the current break on his April rates, which he made up for 90 days to give time for conversations.

Trump has tried to exercise leverage for weeks on trading partners with threats to set up high taxes on governments that he is difficult to consider. His top economic adviser, Kevin Hassett, indicated the day earlier that agreements would be announced after the holiday of July 4 and the signing of the tax and expenditure account that the US Senate approved.

Since the president has given his country-per-country rates, he and his team have repeatedly promised a stream of similarities that would again balance trade relationships that he would long consider unfair. But the only two of such pacts so far were wide frameworks at the UK and China, as a result of which several important issues have not yet been resolved and many details were negotiated later.

The President criticized Tokyo on Tuesday because he did not accept that the export of rice. He also said that the car trade between the two countries is unbalanced. Japan must be forced “30 percent, 35 percent to pay or whatever the number is that we determine, because we also have a very large trade deficit with Japan,” Trump said.

Trump proposed a rate of 24 percent for Japanese goods in April. They are subject to an indictment of 10 percent during the negotiation period.

“I am not sure if we will close a deal. I doubt it with Japan, they are very heavy. You have to understand, they are very spoiled,” Trump said.

The president sounded more optimistic about reaching a deal with India. When asked about the prospects for an agreement in the following week, Trump said: “Possibly. That will be a different kind of deal.”

“It will be a deal where we can go and compete. At the moment India doesn’t accept anyone,” he said. “I think India will do that, and if they do that, we will have a deal for much fewer rates.”

The Indian Foreign Minister Subrahmanyam Jaishankar said this week that his country is close to completing an agreement with the US because they work due to thorny issues, including industrial rates and market access for genetically modified crops from America.

The conversations are intensified, in which the main negotiator of India Rajesh Agarwal expands his stay in the US to iron disagreements.

Other negotiations have proved to be even more difficult – and Trump has been enthusiastic this week to make an example from Japan. This can be seen as a warning for other countries to stand in line or to get priceless rates. Nevertheless, last week the president also showed his preference for fast reversations with Canada, in which he initially cut down conversations, but then they started again days later after Ottawa had deleted a tax on digital services.

Japan’s efforts under Prime Minister Shigeru Ishiba to maintain a steady, friendly approach to negotiations have put to the test by Trump’s efforts to generate the pressure for deals. Tokyo has insisted on relief for his crucial automotive sector, as well as other tariff exchanges, but the deliberate approach threatens to be counterproductive while Trump is looking for rapid victories on the trade.

“I love Japan. I really love the new prime minister,” Trump said reporters. “But she and others are so spoiled that they have torn us away for 30, 40 years that it is really difficult for them to close a deal.”

More stories like these are available on Bloomberg.com

Published on July 2, 2025

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