Trump Administration Signals Impatience with Trade Negotiations, Threatens Unilateral Tariffs
The Trump administration is reportedly growing impatient with ongoing trade negotiations, indicating a willingness to abandon lengthy discussions and unilaterally impose tariff rates.This shift in approach could lead to a new wave of tariffs,similar to those that previously disrupted markets upon their announcement.
For nations engaged in trade with the United States, the administration’s hard-line stance presents a stark choice: comply with demands or face retaliatory measures. President Trump has publicly stated his preference for setting tariff rates unilaterally, with the primary constraint being the counsel of patience from advisors like Commerce Secretary Wilbur Ross.
In a recent interview, Ross acknowledged the possibility of Trump proceeding with tariffs as planned, even in the absence of further concessions. “The question is whether Trump will accept what is presented. Will the concessions be made even a little more, and what’s inside?” Ross stated, adding, “In the worst case, he’s well prepared to impose tariffs as is.”
The market has often anticipated Trump to back down at the last minute, a perception he has reportedly sought to counter. He has expressed dissatisfaction with the notion of “TACO (Trump Always Chickens Out)” trade, emphasizing that recent extensions of negotiations would be final.
Moreover, the administration has been considering critically important tariff increases on specific goods. Reports indicate a potential 50% tariff on copper imports, which could affect a wide range of related products, scheduled to take effect from August 1st. Additionally, a 200% tariff is reportedly being considered for pharmaceuticals.
Original title: Trump Patience on Tariffs Runs Thin as Nations jostle for Deals (excerpt)
