The Trump administration has so far received 18 “written offers” from the Foreign Trade Minister this week, according to a top White House economic adviser.
Kevin Hassett, director of the National Economic Council, praised the rapid progress, emphasizing that the Trump administration has not “hasted” to get those deals across the finish line.
“It’s going to happen in the Trump era,” Hassett boasted on Fox News’ Ingraham Angle on Wednesday. “And that’s not a rush to the contract. It’s a carefully thought out transaction, in anticipation of the actions the President has taken.”
In addition to the written offer, Hassett revealed that US trade representative Jamieson Greer this week is scheduled for at least 14 meetings with foreign trade officials seeking to settle the deal.
On April 9, 78-year-old Trump announced a sudden 90-day suspension for almost all of the customised “liberation day” tariffs he had planned.
The 10% baseline rate was left intact, as was the 25% automotive rate, 25% tariffs on steel and aluminum, and 25% tariffs on imports from Canada and Mexico that are not compliant with the US-Mexico Canada Agreement (USMCA).
China also suffered retaliatory tariffs of 125%, along with the 20% percentage imposed earlier this year due to Trump’s fentanyl demand.
If the country cannot cut its deals with the Trump administration by July 8th, it could face massive, fully customized tariff charges announced by the president earlier this month.
This gives you a very small window to finalize these transactions.
Under the first Trump administration, it took nearly two years to renegotiate the North American Free Trade Agreement (NAFTA) with the USMCA. On average, trade transactions take 18 months to complete due to complexity. According to one study.
But at this deadlock, the Trump administration is focusing on rapid transactions with countless countries, rather than more traditional free trade agreements that require Congressional approval.
“No, these transactions can be negotiated with US trade representatives,” Hassett explained when asked if Congress had to approve the transaction.
Earlier on Wednesday, Trump told reporters that he was “a massive reduction” of tariffs on China from 145% in foreign countries, saying it would “not be close to that height, but not zero.”
“We are very optimistic about China, especially about everyone else,” Hassett emphasized, drawing a rosy picture.
Hassett also said, “We basically have an outline of our deal with India.” He explained that he was one of the “worst criminals” in regards to trade with the United States.
Some observers, such as former NBC chief political analyst Chuck Todd, have argued that Trump could face political backlash if he boxed himself against China and consumers saw empty shelves and empty prices.
“It’s definitely not, but we are now negotiating with us,” Hassett retorted. “The president has moved the world in an unprecedented way, and that’s in the direction of American workers.”
Hassett also predicted that Trump will be the one to announce when a breakthrough occurs on trade negotiations with various countries.
“He’s the first to announce it to the world,” explained Hassett. “I can say that’s the way to go.”
