President Trump touted his trade deals in a social media post Wednesday, saying that he’s spoken to many countries that want to make the U.S. “extremely happy.”
“We are very busy in the White House today working on Trade Deals,” Mr. Trump wrote.
He said he will be speaking with the South Korean trade delegation later Wednesday to hear their offer to “buy down those tariffs” that are currently sitting at 25%.
“I will be interested in hearing what that offer is,” he said.
The president said he finalized a deal with Pakistan that includes the two countries working together to develop Pakistan’s oil reserves.
“We are in the process of choosing the Oil Company that will lead this Partnership,” he said. “Who knows, maybe they’ll be selling Oil to India some day!”
Mr. Trump announced earlier Wednesday that the U.S. will impose a 25% tariff on goods imported from India, along with unspecified penalties for purchasing Russian oil that’s helped to fund Moscow’s war in Ukraine.
He said other countries are in the process of making offers to reduce the tariffs placed on their imports.
“All of this will help reduce our Trade Deficit in a very major way,” he said. “A full report will be released at the appropriate time.”
The president also announced a 50% tariff on goods from Brazil on Wednesday, saying the 40% increase on existing tariffs is due to the country’s trial against former President Jair Bolsonaro.
The administration accused the Brazilian government of “serious human rights abuses that have undermined the rule of law in Brazil.”
He had threatened the tariff increase earlier this month in a letter to Brazil. Brazilian President Luiz Inácio Lula da Silva has already vowed to match whatever tariff amount the U.S. places.
The U.S. is Brazil’s second-largest trade partner after China.
Mr. Trump also announced he is ending the exemption that allowed low-value parcels shipped to the U.S. to avoid tariffs. The order will go into effect Aug. 29 and will subject any shipments of imported goods into the U.S. worth $800 or less to tariffs.
In another order, the president imposed a 50% tariff on copper, including pipes, wires and sheets, matching the tariff amount to that of aluminum and steel.
The White House characterized the move as critical for U.S. national security, saying that Mr. Trump “is leveling the playing field for U.S. copper businesses to support a strong domestic copper industry.”
This all comes ahead of the Friday deadline Mr. Trump has set for tariffs to take effect on any nation that doesn’t set a deal with the U.S. Dozens of countries could face tariffs as high as 20%, much higher than the already elevated 10% tariffs Mr. Trump announced in April.
• Jeff Mordock can be reached at jmordock@washingtontimes.com.
• Mallory Wilson can be reached at mwilson@washingtontimes.com.