US Treasury Secretary Scott Bessent has said that the US is close to reaching agreements on several trade deals ahead of this Wednesday’s deadline when higher tariffs were due to kick in.
Mr Bessent predicted several big announcements in coming days.
He told CNN’s “State of the Union” program that the Trump administration would also send out letters to 100 smaller countries with whom the US does not have much trade, notifying them that they would face higher tariff rates first set on 2 April and then suspended until 9 July.
Those tariffs will kick in on 1 August if trading partners do not strike deals with the US
“President Trump’s going to be sending letters to some of our trading partners saying that, if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Mr Bessent said.
Meanwhile, Minister for Enterprise Peter Burke has said the “best case” scenario in the EU-US trade talks is that a political framework can be delivered on Tuesday evening.
The minister said that would then create a pathway for further negotiation.
“Obviously, there are number of areas that the EU are looking for, zero for zero carve outs and favoured nation status,” he told RTÉ’s The Week In Politics.
“These centre on aviation, life science, semiconductors and spirits.
“But all those areas are under challenge, aviation is getting a lot of traction as far as I understand, with the US administration,” he said.
BRICS nations voice ‘serious concerns’ over Trump tariffs
BRICS leaders meeting in Rio de Janeiro are expected to decry Mr Trump’s “indiscriminate” trade tariffs, saying they are illegal and risk hurting the global economy.
Emerging nations, which represent about half the world’s population and 40% of global economic output, have united over “serious concerns” about US import tariffs, according to a draft summit statement obtained by AFP.
Since coming to office in January, Mr Trump has threatened allies and rivals alike with a slew of punitive duties.
His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force.
The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks today and tomorrow.
But it is a clear political shot directed at the US from 11 emerging nations, including Brazil, Russia, India, China and South Africa.
“We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules,” the draft text says.
It warns that such measures “threaten to further reduce global trade” and are “affecting the prospects for global economic development.”
Xi no show
Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power.
But the summit’s political punch will be depleted by the absence of China’s Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president.
That absence has prompted fevered speculation in some quarters.
“The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing,” said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank.
The Chinese leader will not be the only notable absentee. Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin.
Mr Xi’s no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage.
In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run.
Mr Lula warmly welcomed leaders and dignitaries yesterday, including China’s Premier Li Qiang, as the president hosted a pre-summit business forum in Rio.
Read more: Trump reiterates BRICS nations tariffs threat
“Faced with the resurgence of protectionism, it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture,” Mr Lula told the event.
Iran’s President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting and will be represented by Foreign Minister Abbas Araghchi.
A source familiar with the negotiations said Iran had sought a tougher condemnation of Israel and the United States over their recent bombing of Iranian military, nuclear and other sites.
But one diplomatic source said the text would give the “same message” that BRICS delivered last month.
Then Iran’s allies expressed “grave concern” about strikes against Iran, but did not explicitly mention Israel or the United States.
Artificial intelligence and health will also be on the agenda at the summit.
Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia.
Additional reporting Mícheál Lehane
