US trade negotiator says Trump tariffs unlikely to change amid trade talks
Photo: US President Donald Trump (Getty Images)
The White House recently released the full list of updated tariffs against various countries. These tariffs are likely to remain in place rather than be reduced during ongoing negotiations, reports Reuters, citing US Trade Representative Jamieson Greer.
After returning to the White House, President Donald Trump announced tariffs on dozens of countries worldwide. He soon suspended those tariffs and lowered them to a 10% base rate to facilitate trade talks and finalize deals.
During negotiations, the US reduced some tariff rates from their initial levels. However, Greer said the latest tariff package is different. He added that these tariffs are not expected to change.
"A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, and others depend on the level of the trade deficit or surplus we may have with the country. These tariff rates are pretty much set," he said.
Greer also described recent talks with China as “very positive.” He said the discussions focused on the supply of rare earth magnets and minerals.
"We're focused on making sure that the flow of magnets from China to the United States and the adjacent supply chain can flow as freely as it did before ... and I'd say we're about halfway there," Greer said.
Trump's tariffs
The deadline for trade deal negotiations was August 1, with exceptions for a few countries where talks are ongoing, including China.
Ahead of the deadline, the US reached a trade agreement with the EU. President Trump announced a 15% tariff on imports from the 27 EU member states.
On August 1, the White House released an updated tariff list. The rates were lowered compared to those announced in April. The new tariffs will take effect seven days after publication, on August 8.
The updated tariff list can be found in the RBC-Ukraine report.
