The global economy is on tenterhooks in the run-up to United States President Donald Trump’s July 9 deadline for dozens of countries to reach trade deals or face sharply higher tariffs.Wednesday’s deadline comes after Trump announced in April a 90-day pause on his steepest tariffs after his “Liberation Day” plans sent markets into a tailspin.
With billions of dollars in global trade at stake, US trade partners are racing to negotiate deals to avoid damage to their economies amid continuing uncertainty over Trump’s next moves.
What will happen when the deadline expires?
The Trump administration has indicated that trade partners that fail to reach deals with the US will face higher tariffs, but there are big question marks around which countries will be hit and how hard.
On Sunday, Trump said he would begin sending letters to particular countries this week outlining new tariff rates, while also indicating that he had sealed a number of new trade deals.
Trump told reporters that he would send a letter or conclude a deal for “most countries”, without specifying any by name, by Wednesday.
In an interview with CNN on Sunday, US Treasury Secretary Scott Bessent said countries that do not reach a deal would face higher tariffs from August 1.
Bessent disputed the suggestion that the deadline had moved and said tariffs for affect …
