The Trump administration has received 18 “written offers” from foreign trade ministers so far this week, according to the White House’s top economic adviser.
National Economic Council Director Kevin Hassett stressed that the Trump administration won’t be “rushed” into getting those deals across the finish line and praised the rapid progress being made.
“It’s going to happen in Trump time,” Hassett boasted on Fox News’ “The Ingraham Angle” on Wednesday. “And it’s not rushed deals. It’s carefully thought-out deals in anticipation of the actions that the president took.”
In addition to the written offers, Hasset revealed that US Trade Representative Jamieson Greer has at least 14 meetings scheduled this week with foreign trade reps looking to iron out a deal.
On April 9, Trump, 78, announced a sudden 90-day pause on almost all of the customized “Liberation Day” tariffs he had planned.
The 10% baseline rate was left intact, as was the 25% automotive tariff, 25% tariff on steel and aluminum, and 25% tariff on imports from Canada and Mexico that don’t comply with the United States-Mexico-Canada Agreement (USMCA).
China was also hit with a 125% retaliatory tariff in addition to the 20% rate imposed earlier this year due to Trump’s fentanyl demands.
If countries are unable to cut a deal with the Trump administration by July 8, they could face the large, across-the-board customized tariff rates the president unveiled earlier this month.
That gives a very small window to get those deals finalized.
Under the first Trump administration, it took nearly two years to renegotiate the North American Free Trade Agreement (NAFTA) into the USMCA. On average, trade deals take 18 months to complete due to their complexity, according to one study.
But this go-around, the Trump administration is eyeing rapid deals with myriad countries rather than more traditional free trade agreements that would need congressional approval.
“No these these deals very, very much can be negotiated with the US Trade Representative,” Hassett explained when asked if Congress would have to approve the deals.
Earlier in the day, Wednesday, Trump told reporters that he plans to bring tariffs against China “down substantially” from the exorbitant 145%, saying that “It won’t be anywhere near that high … but it won’t be zero.”
“We’re very optimistic about China and especially optimistic about just about everybody else,” Hassett stressed, painting a rosy picture.
Hassett also noted that “we’ve got basically an outline of a deal with India,” which he explained had been one of the “worst offenders” on trade against the US.
Some observers, such as former NBC Chief Political Analyst Chuck Todd, have argued that Trump boxed himself in against China and could face political backlash if consumers see empty shelves or sky-high prices.
“Absolutely not, we’ve got virtually every country on earth negotiating with us right now,” Hassett countered. “The president has moved the world in a way that is unprecedented, and it’s in the direction of the American worker.”
Hassett also predicted that Trump would be the one to announce when breakthroughs on trade negotiations with various countries take place.
“He’ll announce it to the world first,” Hassett explained. “I can tell you that’s the way it’s going to go.”
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