US officers reportedly in search of leaner commerce agreements forward of 9 July deadline

The gist of the story is that Trump’s top trade officials are said to be backing down and pulling back from their more ambitious efforts previously. They are now just looking for “agreements in principle” on smaller trade disputes with some countries ahead of the 9 July deadline.

The leaner and narrower trade agreements are a stark contrast to the supposed 90 deals in 90 days that they were aiming for. As things stand, all they have to show is half a trade deal with the UK. And even that looks to have some kinks in the road at the moment.

The report notes that potential new sectoral tariffs by the US is hindering further discussions, though at least the existing levies are eased for now. From yesterday: UK-US trade deal has officially come into force, says UK government

Going back to the overall situation, countries that are able to strike these supposed leaner trade agreements will then be spared a harsh return to reciprocal tariffs. However, the blanket 10% that is on the table now is a compulsory floor it would seem.

Moving forward though, the sources add that Trump is seeking imposing tariffs on critical sectors with the commerce department already launching probes into the likes of copper, lumber, aerospace parts, pharmaceuticals, chips and critical minerals. So, that will all also be part of the consideration for any trade negotiations and deals surely in the future.

The full report here (may be gated).