FX.co ★ Trump Threatens Unilateral Tariffs, Eyes China Trade Deal

President Donald Trump announced plans to issue letters to U.S. trading partners within the next couple of weeks, establishing unilateral tariff rates before the July 9 deadline to reinstate higher duties. "Eventually, we will just send the letters... this is the offer, you can take it or leave it," Trump remarked to reporters at the Kennedy Center. However, it should be noted that Trump has previously set such deadlines without immediate action. Concurrently, Treasury Secretary Scott Bessent informed Congress that it is "highly likely" the tariff suspension will continue for nations that are negotiating sincerely, highlighting 18 significant partners. Furthermore, the United States and China have agreed on a framework to alleviate trade tensions, which Trump described as "finalized" but still requiring formal approval from both countries' leaders. The agreement is said to address issues concerning rare earth and magnet supply, with China consenting to relax restrictions for six months. Trump also affirmed that Chinese students will remain welcome at U.S. universities.