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US may not extend July 9 deadline for tariff and trade talks
The Star
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7/2/2025
US President Donald Trump said on July 1 that he was not thinking of extending the July 9 deadline for countries to negotiate tariff and trade deals with the US. He also continued to express doubt that an agreement could be reached with Japan.
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00:00
We had a big day today. The bill passed, and I think he's going to do very well in the House.
00:06
Speaking of Mr. J. Powell, do you have a top choice?
00:09
I do. I have two or three top choices, actually.
00:18
Mr. President, are you thinking of extending the pause on tariffs and bonds?
00:22
No. No, I'm not. I'm not thinking about the pause.
00:25
I'll be writing letters to a lot of countries, and I think you're just starting to understand the process.
00:32
We've dealt with Japan. I'm not sure if we're going to make a deal. I doubt it, but Japan, they're very tough.
00:37
You have to understand, they're very spoiled. I love Japan.
00:41
I really like the new prime minister, too.
00:43
Abhi was one of my closest friends, as you know.
00:45
The new prime minister is great. He's a very strong guy.
00:48
But they and others are so spoiled from having ripped us off for 30, 40 years that it's really hard for them to make a deal.
00:59
You know, it's very hard.
01:00
As an example, with Japan, they won't take rice, and yet they desperately need rice.
01:07
You know that.
01:08
But they won't take rice.
01:10
They won't take other products that we have.
01:13
But think of it. They need rice so badly, but they won't take rice.
01:17
I think that was an easy one.
01:19
Well, the cars, as you know, they send out millions.
01:21
We didn't give them one car in 10 years.
01:25
They won't take any cars, but they'll sell millions.
01:28
So we tell them, sorry, you can't do that.
01:30
And we have a great relationship, great reliance, and really a great sort of a partnership in a way.
01:39
But on trade, they've been very unfair.
01:42
And those days are gone.
01:44
So what I'm going to do is I'll write them a letter and say we thank you very much.
01:47
And we know you can't do the kind of things that we need.
01:50
And therefore, you'll pay 30%, 35%, or whatever the number is that we determined,
01:57
because we also have a very big trade deficit with Japan, as you know.
02:01
And it's very unfair to the American people.
02:03
So I look over the next week.
02:04
I think we're going to have a deal with India, possibly.
02:08
And that's going to be a different kind of a deal.
02:10
It's going to be a deal where we're able to go in and compete.
02:13
Right now, India doesn't accept anybody in.
02:16
I think India's going to do that.
02:17
And if they do that, we're going to have a deal for much less tariffs.
02:22
Thank you for telling me, by the way.
02:26
Thank you very much, everybody.
02:28
I give Trump very high marks.
02:29
Goodbye, everybody.
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