Countries around the world are scrambling to strike last-minute deals with the U.S. as a major tariff deadline looms. President Trump is pressing ahead with his plan to implement a new tiered system of tariffs, ranging from 10% to 50%, which is set to take effect on Thursday morning.
The approaching deadline has sent a wave of foreign officials to Washington. The Swiss President announced she is flying to the U.S. to present a “more attractive offer” in a desperate bid to avoid a hefty 39% tariff.
But for India, the situation is getting worse. President Trump said Tuesday he plans to “very substantially” raise the 25% tariff already facing the country. In a sign of dwindling hope for a deal, top Indian officials are reportedly traveling to Moscow this week, not Washington.
Even countries that have already struck deals are nervous. Japanese and EU negotiators are back in Washington, trying to secure their previously agreed-upon exemptions on things like cars, wine, and spirits before the new rules kick in.
In a separate development, Trump also said a deal to delay a different set of tariffs on China, scheduled for August 12, is “very close.” He hinted at a future meeting with President Xi Jinping but also threatened to impose new, sector-specific tariffs on items such as semiconductors and pharmaceuticals shortly.
For now, the President seems determined to move forward with his broad tariff plan, telling an interviewer that he believes “people love the tariffs.”
