On July 30 (local time), U.S. President Donald Trump stated that trade negotiations with China are proceeding smoothly. He also mentioned that negotiations are ongoing with India, where he had previously discussed imposing a 25% tariff.
At a bill signing ceremony at the White House that day, President Trump was asked if he had received a report on the results of the third round of high-level U.S.-China trade talks. He replied, "We are doing well with China. I think this is going to work out very well."
He added, "I think we will reach a very fair agreement with China," and continued, "We are making good progress with China. I think it will be resolved well."
The United States and China, during the third round of high-level trade negotiations held over two days in Stockholm, Sweden, reached a tentative agreement to extend tariff reduction measures. The United States was scheduled to report the results of these negotiations to President Trump and seek his approval that day.
Regarding trade negotiations with India, President Trump stated, "We are still negotiating."
Prior to the signing ceremony, President Trump pointed out on his social networking service, Truth Social, that India had purchased weapons and energy from Russia. He announced that starting August 1, a 25% tariff and penalties on trade with Russia would be imposed on India. He also stated that, due to India's tariff and non-tariff trade barriers, the trade volume between the two countries has been relatively low, but the United States has been running a large trade deficit with India.
When asked about the additional penalties, he responded that the problem is India's membership in BRICS, which consists of Brazil, Russia, India, China, and South Africa. He claimed, "BRICS is basically a group of countries that oppose the United States, and India is a member of that group."
He stated, "Whether we reach an agreement with India or impose specific tariffs on them does not matter much, but you will find out by the end of this week."
Recently, President Trump has made remarks suggesting that a trade agreement with India is imminent. As the start date for mutual tariffs, August 1, approaches, this appears to be an attempt to pressure India into a last-minute trade deal.
President Trump also said, "Right now, we are negotiating with several other countries," and announced that he would send letters notifying the tariff rates to the remaining countries not engaged in negotiations. He continued, "Today, I am dealing with several leaders of other countries and their tariff situations. They owe us a lot of money," he claimed.
President Trump is scheduled to meet with the South Korean trade negotiation delegation that day.
Meanwhile, President Trump once again pressured the Federal Reserve (Fed) to cut interest rates that day. While President Trump was holding the bill signing ceremony, the Federal Open Market Committee (FOMC) was being held at the Fed. He said that the Fed would not lower the benchmark interest rate that day, adding, "I heard the Fed will lower it in September, not today."
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