Summary
- "President Trump stated that the U.S. economy is booming thanks to the tariff policy."
- "The Trump administration conveyed that it had requested major trading partners to submit their best offers regarding reciprocal tariff negotiations."
- "The scope of the agreement includes tariffs and quotas on American-made products, non-tariff barriers, digital trade, and economic security."
On the 3rd (Korean time), President Donald Trump of the United States stated on his social media (SNS) that "our economy is booming because of tariffs."
Meanwhile, the Trump administration plans to demand that major trading partners submit their 'best offers' related to reciprocal tariff negotiations by as early as the 4th of this month.
According to a draft letter from the Office of the United States Trade Representative (USTR) obtained by Reuters on the 2nd (local time), the Trump administration asked its trade negotiation counterparts to list their best offers for each major sector. The main sectors include tariffs and quotas (import quotas) on American industrial and agricultural products, and plans to improve non-tariff barriers. The letter also instructed that countries provide specific commitments related to digital trade and economic security.
The Trump administration plans to evaluate the countries’ responses within a few days and propose possible areas for agreement. The draft agreement may include a reciprocal tariff rate to be imposed on each country.
The letter was drafted for countries currently in negotiations. However, it is not known to which countries the Trump administration will send the letter. Reuters mentioned the European Union (EU), Japan, Vietnam, and India as countries currently under negotiation.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
