It is the “Liberation Day” III – the third deadline for tariff set by Donald Trump.
Countries without bilateral trade agreements will soon face price – ranging from 25% to 50% – with a basic line of 15% to 20% for any competition.
He delayed twice, from April to July and July to August, but hammered this date at the house in his style Caps-on brand: “The deadline of August is strong and will not be extended. A great day for America !!!”
“Will not be extended” for anyone but Mexicoit seems. The country obtained an extension of 90 days at the last minute, Mr. Trump citing the “complexities” of the border.
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Upon closing of business on the eve of the deadline, he had a handful of transactions – some important – Including the United Kingdom (10%), the EU, Japan and South Korea (15%), Indonesia and the Philippines (19%), Vietnam (20%).
On the EU agreement, That he struck in Scotland, the president said: “It is a very powerful affair, it is a big problem, it is the biggest of all the offers.”
But what happened to “90 offers in 90 days” praised by the White House earlier this year?
The short response is that they were replaced by instructions to pay a price established by the United States.
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In the midst of the wave of late activities, the United States has played Hardball with large business partners such as Canada.
“For the rest of the world, we are going to do things on Friday,” said US Secretary on Commerce Howard Lunick – the “rest of the world”, which means everyone except China.
There is apparently the “framework of an agreement” between the two largest economies in the world, but the talks between Washington and Beijing continue.
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In terms of victories, he can claim significant offers and underline his prices that generated an impressive 27 billion dollars (20.4 billion pounds sterling) in June, quite a few months old.
But the legality of the approach is besieged – with The American Court of Decision of International Trade that the prices of the “liberation day” exceeded the president’s authority, with application a break in the meantime.
The deadline stirred the pot, forcing a handful of transactions on the table. Whether they stick or survive a legal examination is far from settled.
But the game book remains the same – threaten the world of commercial chaos, reduce it, celebrate the victories and pray that no one checks what is legal.