Trump says U.S. will have most of its trade deals finished by Aug. 1
U.S. President Donald Trump said Friday that his administration will have most of its trade deals with countries finished by Aug. 1, as South Korea and other trading partners are striving to reach agreements to lower its "reciprocal" tariff rates by the negotiation deadline, Yonhap reports.
During a press availability at the White House, Trump also said his administration might send close to 200 countries a letter on their tariff rate, which he said means, "They have a deal. It's done."
South Korea has been cranking up its efforts to reach a deal with the United States to avoid or reduce the threatened 25 percent reciprocal tariffs, as well as sector-specific duties on automobiles and steel, as those levies would weigh heavily on the country's export-driven economy.
"Aug. 1 is going to come, and we will have most of our deals finished, if not all," Trump told reporters before embarking on a trip to Scotland.
He also suggested that negotiations with many others could conclude when his administration sends tariff letters to them.
"When those letters go out ... the page and a half ... That means they have a deal. It's done," he said. "They pay that tariff and that is the contract essentially."
Earlier, Donald Trump announced tariffs on 7 countries beginning Aug. 1.