The United States is on the verge of signing a trade deal with India while holding talks with the European Union on similar arrangements. President Donald Trump revealed in an interview with Real America's Voice that the outlines of a deal with India are clear, while negotiations with the EU "will be very different than in previous years." About a deal with Canada, he said it is "too early to say anything about that."
With the eye-watering Aug. 1 deadline looming, when tariffs on many imported goods in the U.S. rise again, the White House has rushed to negotiate new trade deals. According to Trump, the negotiations are being conducted to "enforce better terms with our trading partners" and to reduce the large U.S. trade deficit.
EU trade spokesman Maroš Šefčovič traveled Wednesday to Washington for further talks on tariffs, while an Indian delegation had already arrived Monday. Trump described the EU as "brutal in the past, but very different now," stating that the Union is now "very friendly and willing to negotiate."
For its part, Canada is preparing countermeasures if a deal with the U.S. fails to materialize. Earlier in the day, Canadian Prime Minister Mark Carney stated that there is no deal on the table yet that provides for the interests of Canadian workers. Trump did not rule out the possibility that the U.S. would eventually impose a 10 to 15 percent blanket levy on smaller countries to strengthen its negotiating position.
While the U.S. is rushing into trade agreements, the question remains whether the world's two largest economies, the United States and China, will eventually reach a structural agreement. For now, the US administration is focusing on India, the EU and, to a lesser extent, Canada, in an effort to rebalance global trade and protect domestic industries.
