Intel stock spikes after report of possible US government stake
Investing.com-- U.S. trade officials under President Donald Trump are pivoting to narrower trade agreements in a bid to secure quick wins ahead of a July 9 deadline, when steep reciprocal tariffs are set to return, the Financial Times reported on Tuesday, citing people familiar with the talks.
The administration is seeking “agreements in principle” on limited issues with select countries to avoid the reimposition of tariffs as high as 50%, the FT report stated.
These phased deals mark a retreat from Trump’s original pledge to strike 90 comprehensive trade agreements during a 90-day pause in tariff enforcement, which began on April 2.
While such agreements may spare countries from the harshest levies, a 10% baseline tariff would remain in place as negotiations on broader issues continue.
However, talks remain complicated, and alongside the narrower deal approach, the administration is still considering tariffs on key sectors, the FT reported.
According to the report, citing sources familiar with the talks, uncertainty over which sectoral tariffs the U.S. might impose later was hampering progress.
Treasury Secretary Scott Bessent said on Monday that the focus remains on reciprocal tariffs, while separate sectoral levies, such as those on steel, autos, and pharmaceuticals, may be addressed later.
The report added that it was unclear whether Trump would adhere to his timeline for ending the 90-day tariff pause.