He also said the European Union must open its markets to U.S. exports if it wants President Trump to reconsider the 30% reciprocal tariffs set to take effect on August 1.
Trump is expected to meet European Commission President Ursula von der Leyen just days before the tariff deadline. He said on Friday that there were "20 different things" that needed to be resolved.
To get to $700B that would imply an increase to $58B per month.
IN 2024, the total import of goods to the US was $3.295T. What average tariff rate would be needed to total $700B?
That would be the average on imports at the 2024 pace.
Expanding to the top 10, which includes Vietnam, South Korea, Taiwan, Ireland, and India, the combined share reaches 73.8%, showing that a relatively small group of trading partners dominates the U.S. import landscape.
Below is the country by country numbers:
China – 13.4%
Germany – 4.9%
Vietnam – 4.2%
Taiwan – 3.6%
India – 2.7%
United Kingdom – 2.1%
Thailand – 1.9%
This is the table that by August 1, we will know what the tariff rates are and will see if the Treasury Secretary is right or wrong on his calculations. Will the 78.7% above be paying 21.24% to get to the $700B next year estimate?.
If cost of imports in the US go up by 21.24% (the money has to come from somewhere), someone has to pay for it.
Is it the foreign exporters via a reduction of prices at the expense of margins? Is it the US importers who eats the cost at the expense of margins? Is it consumers who absorb price increases (may be persistent over time) in the form of higher prices for imported goods?What we know is it is all rah-rah, look at all the money stuff has to be paid for by someone. There is no free lunch.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about lutnick no more extensions of tariffs past august 1 700b in tariffs will be collected was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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