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Administration Ramps Up Trade Talks
Trump Administration officials made a flurry of statements assuring Congress, the business community, and the public that progress is being made on reaching deals with trading partners. While no specific countries were mentioned, it is anticipated that India is on the top of the list for a potential near-term announcement. Discussions are also underway or will soon be initiated with Japan, South Korea, Guyana, and Saudi Arabia. With the conclusion of the Canadian elections, there is also hopes that U.S. – Canada negotiations will begin soon.
China Talks Inching Closer?
In addition to the above chatter, state-run Chinese media has indicated that the U.S. has reached out to initiate talks with China regarding the ongoing tariff escalation. China Central Television which regularly signals Beijing’s views on trade, made the statement on social media. It cited unidentified people with knowledge of the matter. This is slightly different messaging than has been issued over the past few weeks. The Trump Administration continues to express confidence that talks will happen “soon.”
E.U. Proposal Coming Soon
The European Union is planning to share a paper with the U.S. this week that will set out a package of proposals to kick-start trade negotiations with the Trump Administration. The paper will propose lowering trade and non-tariff barriers, boosting European investments in the U.S., cooperating on global challenges such as tackling China’s steel overcapacity and purchasing U.S. goods like liquefied natural gas and technologies, according to people familiar with the matter. If no deal is reached, the E.U. is prepared to reinstate tariffs that were paused in anticipation of negotiations with the U.S.
Source: Hardwood Federation