Fox News Interview
"No Need to Extend Tariff Suspension... Letters Will Be Sent Before the 9th"
Japan Mentioned: "25% Tariff on Automobiles"
Tariff Rates: "25%, 35%, 50%, or 10%"
"There Is a Buyer for TikTok... Xi Jinping's Approval Expected"
On June 29 (local time), U.S. President Donald Trump stated regarding the mutual tariff suspension deadline, which is set for the 8th of next month, "What we need to do is send letters to all countries before the 9th." This is interpreted as a signal that he does not intend to extend the mutual tariff suspension measures. He also hinted that the mutual tariff rates for trading partners could be set at levels ranging from 10% to 50%.
In an interview with Fox News released that day, President Trump was asked about the possibility of extending the mutual tariff suspension. He replied, "I don't think it's necessary. We could extend it, but it's not a big deal," making these remarks.
Previously, President Trump implemented a 90-day suspension right after the mutual tariffs took effect in April. Since then, he has been conducting trade negotiations with each trading partner. The world is watching closely to see whether President Trump will extend the mutual tariff suspension measures.
President Trump said, "We will look at how each country treats us, whether they are good countries or not," adding, "We will send high rates to some countries we don't care about."
He stated that trading partners could reduce their trade deficits by importing U.S. energy, but also made clear that each country would receive a letter specifying a tariff rate of 10% to 50%.
President Trump said, "What we need to do is send a letter and say, 'Congratulations. You will be subject to a tariff of 25%, 35%, 50%, or 10%.'" This suggests that the United States could impose mutual tariffs of up to 50% depending on each country's tariff and non-tariff trade barriers, but that some countries may only face a basic tariff of 10%.
During this process, President Trump also mentioned Japan, which is currently engaged in negotiations.
He pointed out that while Japan does not import American cars, the United States imports millions of Japanese cars, calling this "unfair." He explained, "We have a large trade deficit with Japan, and they understand that." He then added, "Japan will be subject to a 25% automobile tariff." Currently, President Trump is imposing a 25% item-specific tariff on imported cars and car parts.
In response to a question about whether South Korea and Japan could enter into agreements to receive lower tariffs than U.S. automakers, President Trump stated, "That will not happen."
Additionally, regarding the sale of TikTok's U.S. operations, a Chinese-owned platform, President Trump said, "There is a buyer for TikTok," and added, "Chinese approval will probably be needed, and I think President Xi Jinping will approve it." However, regarding the TikTok buyer, he avoided a direct answer, saying it is "a group of very wealthy people," and added, "I will speak about it in about two weeks."
Previously, President Trump had recently extended the deadline for the sale of TikTok's U.S. operations to September 17.
President Trump also stated that he would lift sanctions on Iran if the country achieves peace.
When asked whether his recent comments that China could purchase Iranian oil meant sanctions would be lifted, he replied, "No, I did not mean it that way," and added, "If Iran can achieve peace and demonstrate that it will not cause any harm, we will lift the sanctions." He further stated, "Sanctions are very costly and must be used with great caution."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
