US Trade Deal Talks Show Limited Success
(MENAFN) US President Donald Trump has consistently asserted that every nation is eager to negotiate trade agreements with his administration.
However, during the 90-day suspension on extensive tariffs, the United States only succeeded in finalizing deals with three countries.
On April 2, Trump introduced a comprehensive set of reciprocal tariffs aimed at nations running substantial trade surpluses with the US.
These tariffs varied from a minimum of 10 percent to a maximum of 50 percent, sparking concerns about a potential global trade conflict and causing disruptions in financial markets.
To alleviate these tensions, the White House declared a 90-day halt on the tariffs’ enforcement for countries that refrained from retaliatory measures.
Despite this pause, the confrontation with China escalated, as the US imposed further tariffs that increased the total duty on Chinese imports to 145 percent. In response, Beijing implemented retaliatory actions.
Trump had promised to secure “90 deals in 90 days,” yet the outcomes fell well below those expectations.
On May 7, Trump announced a deal with what he described as a “respected country,” later revealing the UK as the first nation to finalize a significant trade agreement with the US.
According to the deal, the US lowered tariffs on British automobiles to 10 percent for up to 100,000 vehicles.
The agreement also included steel and aluminum quotas, dependent on certain conditions.
However, the standard 10 percent tariff remained unchanged. In exchange, the UK committed to increasing purchases of American beef and ethanol.
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