Global Trade's Heated Negotiations: Tariff Talks Surge

U.S. Treasury Secretary Scott Bessent revealed that around 100 countries might face a reciprocal tariff rate of 10%, with numerous trade deals expected by a July 9 deadline. The Trump administration is negotiating with over a dozen countries, aiming for tariff-reducing agreements to avoid steep increases.

Global trade is on the brink of significant shifts as U.S. Treasury Secretary Scott Bessent announced that roughly 100 countries could encounter a 10% reciprocal tariff. The announcement, made on Thursday, suggests that a cascade of trade agreements could emerge before the looming July 9 deadline to prevent sharp tariff hikes.

Bessent, during a Bloomberg Television interview, hinted at the possible outcomes depending on how negotiations progress under President Trump's administration. He underscored the tense ongoing negotiations with notable trading partners, such as India, Japan, and the European Union, aimed at securing reduced tariffs.

In a proactive move, President Trump declared a tariff agreement with Vietnam, reducing impending U.S. tariffs on various Vietnamese exports to 20% from a threatened 46%, while facilitating the duty-free entrance of many U.S. goods into Vietnam. The administration's actions signal a critical moment in global trade relationships.

(With inputs from agencies.)