Wednesday marks a pivotal day for President Donald Trump's tariff negotiations, as the White House calls for foreign trade partners to submit their best offers by today.
This comes as the 90-day pause on reciprocal tariffs approaches its end on July 9. Many experts, however, are doubtful that the Trump administration can finalize such a wide range of trade agreements in such a short timeframe.
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Currently, the U.S. is focused on securing deals with various countries, including China. While no concrete agreements have been finalized, discussions are actively taking place with countries like India and the United Kingdom, alongside a preliminary agreement with China that has already eased some retaliatory tariffs.
The administration remains optimistic, urging nations to take note of the impending deadlines through letters issued by the U.S. trade representative. White House Press Secretary Karoline Leavitt emphasized that the administration believes progress is being made and announcements should be expected soon.
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In an effort to further address the ongoing trade tensions, President Trump is expected to hold a phone conversation with Chinese President Xi Jinping later this week. Treasury Secretary Scott Bessent expressed hope that this communication will help reduce the escalating tensions between the two economic giants.
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