After weeks of indications such a move was coming, the US Commerce secretary formally announced “national security” investigations into pharmaceutical imports, and another on semiconductors and chip-making equipment.
On China, he said “there’s a big deal to be done” but was notably vague about the timing or chances of it happening. Talks have begun with Vietnam and were to start with Japan on Wednesday, then South Korea next week, Bessent told Bloomberg TV.
Investors were relieved at the apparent easing of pressure in President Donald Trump’s wide-ranging but often chaotic attempt to reorder the world economy by using tariffs to force manufacturers to relocate to the United States.
Tit-for-tat exchanges have seen US levies imposed on China this year rise to 145 percent, and Beijing setting a retaliatory 125 percent barrier on US imports.
But Trump suggested Sunday that the exemption would be only temporary and that he still planned to put barriers up on imported semiconductors and much else.
“I don’t want to hurt anybody,“ he said.
Short-lived relief?
He then made an about-face a week later when he said only China would face the heaviest duties, while other countries got a global 10 percent tariff for a 90-day period.
And the latest wrangling over high-tech products -- an area where China and other East Asian countries are key -- illustrates the uncertainty plaguing investors.
But any relief could be temporary.
Negotiations
And EU trade chief Maros Sefcovic said “the EU remains constructive and ready for a fair deal” after meeting with Lutnick and US trade envoy Jamieson Greer in Washington.
The Trump administration also says that dozens of countries have already opened trade negotiations to secure deals before the 90-day pause ends.
Japanese Economic Revitalization Minister Ryosei Akazawa will visit Washington for negotiations this week, with his country’s automakers hit by Trump’s 25 percent tariff on the auto sector.
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