New Developments in the US Tariff Crisis: Sources Speak Out

A new era is beginning in US President Donald Trump's trade policies. The White House has prepared a list of tariff negotiations covering around 20 countries that Trump has prioritized.

The list covers a wide spectrum, from large exporters to smaller economies. The aim is to quickly create model agreements and pave the way for more comprehensive trade arrangements.

According to sources familiar with the matter, the Office of the United States Trade Representative (USTR) briefed members of Congress. The list includes countries with large shares of US imports, such as Japan, South Korea and Vietnam, as well as smaller economies such as Fiji, Lesotho and Mauritius.

Treasury Secretary Scott Bessent said talks with 18 countries would be a priority, but did not share the full list with the public. Commerce Secretary Howard Lutnick said the agreements with these countries would be “template” and would allow the process to proceed more quickly. “We are trying to show people a framework for doing business,” Lutnick said.

The list includes major countries like the United Kingdom and India, as well as Australia, Argentina, Cambodia, Ecuador, Indonesia, Israel, Madagascar, Malaysia, Switzerland and Taiwan. While the amount of goods the US imports from Japan in a day exceeds what it imports from Lesotho in a year, the Trump administration aims to set an example by making deals easier and faster with smaller countries.

China is being evaluated in a special negotiation process. Talks with Chinese officials are expected to begin this weekend. Trump announced that the 145% tariffs imposed on China could be reduced to 80%. However, officials say that talks with Beijing are progressing on a separate track from other countries.

Senator Kevin Cramer said the agreements should be completed before the 90-day tariff suspension that Trump announced on April 2 expires in July, and that some countries, such as Switzerland, claim they are in an advantageous position to negotiate an extension of the tariff freeze.

Kevin Hassett, one of the influential figures in the Trump administration's trade policies, told CNBC that approximately 24 countries are close to making a deal with the United States, like the United Kingdom.

Argentina is in active trade talks with the US under the leadership of Trump’s close ally Javier Milei. Treasury Secretary Bessent said Argentina was “high on the list” for deals.

*This is not investment advice.