As another tariff deadline looms, more twists in trade policy could be ahead.\n<\/p>\n
Higher “reciprocal” tariffs are expected to be imposed on at least two dozen countries<\/a> starting Friday, August 1. The tariffs are designed to rebalance trade and range from 25% to 50%, according to letters written by President Donald Trump earlier this month.\n<\/p>\n In addition to the more extreme tariffs, Trump has indicated that the baseline tariff charged on goods<\/a> from all other countries is expected to be 15%.\n<\/p>\n Trump said Sunday his administration anticipates making three or four more deals before\u00a0the most extreme tariffs take effect.\n<\/p>\n Goldman Sachs estimated that trading partners that account for 56% of imports have yet to make a deal. Top trading partners, such as Mexico and Canada, still face “reciprocal” tariffs<\/a>. Goods from countries like South Korea<\/a> and Brazil<\/a> face particularly high tariffs if no deal is reached.\n<\/p>\n Some economists, however, are skeptical that the deadline will be enforced. This is the second deadline for the “reciprocal” tariffs to go into effect, after Trump extended the original 90-day pause<\/a>.\n<\/p>\n Trump said countries that do not make a deal by the deadline will receive confirmation letters outlining U.S. tariffs on their goods before the Aug. 1 deadline.\n<\/p>\n According to White House officials, tariffs tailored to specific countries aren’t the only trade policy in the works.\n<\/p>\n Commerce Secretary Howard Lutnick also said the administration’s approach to semiconductor tariffs will be revealed in two weeks. The White House has already tried to\u00a0curb China’s access<\/a>\u00a0to U.S. semiconductors this year. Some analysts said deals with certain countries could\u00a0preclude them from being subject<\/a>\u00a0to the sector-specific tariff.\n<\/p>\n And reports say that Trump’s long-promised pharmaceutical tariffs are also on the horizon. He has also promised tariffs on lumber, copper and potentially other critical minerals.\n<\/p>\n “Investors should not be too sanguine about the potential enduring economic effects of trade policy,” wrote Ronald Temple, chief market strategist at Lazard Asset Management.<\/p>\n","protected":false},"excerpt":{"rendered":"As another tariff deadline looms, more twists in trade policy could be ahead. Higher “reciprocal” tariffs are expected…\n","protected":false},"author":2,"featured_media":30200,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":["post-30199","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/30199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=30199"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/30199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/30200"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=30199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=30199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=30199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}