"U.S. Plans to Demand 'Best Offer by the 4th' from Trade Negotiation Counterparts"

Korea Economic Daily

Summary

The Trump administration reportedly plans to demand that trade negotiation counterpart countries submit their 'best offers' by the 4th.
The demands are said to include improvements to tariffs on U.S. industrial and agricultural products, quotas, and non-tariff barriers.
As the Trump administration pushes negotiations forward, it stated that reciprocal tariff rates may be included in the agreement.

Draft Contents of the United States Trade Representative (USTR) Letter

Includes Tariff Improvement Plans for U.S. Industrial and Agricultural Products

It has been reported that the Donald Trump administration is planning to demand that countries negotiating to lower reciprocal tariffs with the United States submit their 'best offers' by the 4th (local time).

Reuters reported on the 2nd (local time) that it obtained a draft letter from the U.S. Trade Representative (USTR) detailing such plans. According to Reuters, the Trump administration demanded that their trade negotiation partners present the best offers for each major sector. Major sectors include improvement plans for tariffs and quotas (import allotments) on U.S. industrial and agricultural products, as well as non-tariff barrier reforms. The letter also asked countries to specify concrete commitments by country regarding digital trade and economic security.

The Trump administration plans to evaluate the responses from the countries within a few days and present a possible scope for agreement. The agreement may include the reciprocal tariff rates to be imposed on those countries.

The letter was drafted for countries currently in negotiations. However, it was not revealed which countries would receive the letter. Reuters mentioned the European Union (EU), Japan, Vietnam, and India as countries currently engaged in negotiations.

Reuters assessed that this letter signals urgency within the Trump administration. The administration was trying to accelerate negotiations with multiple countries before the reciprocal tariff suspension deadline on July 8, but has not seen substantial progress.

Meanwhile, Reuters reported that the Trump administration has requested a stay of the federal court's decision in the appeals court, after the Washington, D.C. federal court ruled on the 29th of last month that President Trump could not impose tariffs based on the International Emergency Economic Powers Act (IEEPA). The Trump administration has argued that the federal court's decision makes ongoing trade negotiations with various countries more difficult for the United States.

New York = Shin-Young Park, Correspondent nyusos@hankyung.com