The Treasury Undersecretary states that the United States is close to finalizing a few trade agreements before July 9...
On Monday, Treasury Undersecretary Michael Faulkender said that the Trump administration is making "good progress" in trade negotiations and is "close to the finish line on a few" agreements.
He stated to CNBC on "Squawk Box" that as long as discussions progress, "you will see many more agreements being announced before this July 9 deadline."
On April 9, President Donald Trump suspended reciprocal tariffs on most U.S. trading partners for 90 days, postponing heavy taxes until early July.
At that time, the administration announced a goal of concluding "90 agreements in 90 days." Nearly two months later, the White House has only finalized one agreement with the United Kingdom. Despite this, senior advisors to Trump say they do not plan to extend the 90-day deadline.
Faulkender stated that the White House wants to "conclude as many of these discussions as possible" before the end of the pause, adding that negotiations "are sometimes complicated."
He explained that they aim "to reach at least some terms of agreement before the expiration of this pause," and as long as trade partners "make progress and show goodwill, we will continue to move towards announcing these agreements."
He added, "We are looking to make announcements and bring some resolution, both for the American people and for the markets, as quickly as possible."
U.S. stock indices are falling as trade tensions with China rise.
Major U.S. stock indices opened lower on Monday, weighed down by investors' concerns about rising trade tensions between the United States and China.
The tariff-driven trade war between Washington and Beijing appeared to ease last month following talks in Switzerland, but escalated again last week. The Trump administration accused China of violating a preliminary trade agreement by delaying its commitment to resume the export of critical minerals to the United States.
On Monday, China rejected these claims and countered by saying that the United States had undermined the Geneva agreement by imposing new restrictions on Chinese student visas, among other measures.
National Economic Council Director Kevin Hassett stated last Tuesday that the administration does not want to "harm Apple" with tariffs.
He said, "Everyone is trying to make it look like a disaster if there is a small tariff on them right now, to try to negotiate down the tariffs. Ultimately, we will see what happens, we will see what the update is, but we do not want to harm Apple."
Hassett's comments followed a social media post from President Trump, in which the president stated that Apple would have to pay a tariff of 25% or more for iPhones made outside the United States. Apple traditionally manufactures its products in countries like China, India, and Vietnam.
KEY Difference Wire helps crypto brands break through and quickly dominate the headlines.
