President Donald Trump has sent letters to nations that have yet to agree to new trade deals. The letters went out as the pause on an increase in tariffs was originally set to expire tomorrow. Treasury Secretary Scott Bessent said the president has extended the deadline to August 1 to provide more time for agreements to be signed.
Secretary Bessent also stated that there could be many deals made this week. He said, “What President Trump is concerned about is the quality of the deals, not the quantity.”
President Trump stated that countries that support the BRICs nations (Brazil, Russia, India, and China) will experience higher tariffs.
The president announced tariffs for Japan and South Korea that will go into effect on August 1. “Please understand that the 25% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your Country,” President Trump said. “If you wish to open your heretofore closed Trading Markets to the United States and eliminate your Tariff, and Non Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter.”
As the Lord Leads, Pray with Us…
- For wisdom for President Trump and his trade team as they negotiate with trading partners around the globe.
- For the president, treasury secretary, commerce secretary, and U.S. trade representative to seek God’s guidance regarding trade agreements.
- For members of the Federal Reserve to be discerning as they have delayed lowering interest rates due to the president’s tariffs.
