Trump Warns of Economic Ruin Without Tariffs As US Reportedly Presses Trade Partners For 'Best Offers' This Week

President Donald Trump has asserted that the U.S. economy cannot survive without tariffs amid reports of his administration's request that trade partners submit their best offers by Wednesday, way ahead of the July deadline.

“If other Countries are allowed to use Tariffs against us, and we’re not allowed to counter them, quickly and nimbly, with Tariffs against them, our Country doesn’t have even a small chance of Economic survival,” Trump wrote on a Truth Social post late Monday.

Separately, Reuters reported that the U.S. is pushing countries to submit their best offers on trade negotiations by Wednesday. 

The Trump administration aims to expedite talks before a 90-day pause on tariffs expires in five weeks, according to a report that cited a draft letter sent to negotiating partners.

According to Reuters, the U.S. is urging other countries to submit proposals in several key areas, including tariff and quota offers to purchase U.S. industrial and agricultural products and plans to redress non-tariff barriers.

The draft also includes other requested items, such as commitments on digital trade and economic security, and country-specific commitments.

The Trump administration had paused reciprocal tariffs following turmoil in stock, treasury, and currency markets. While the White House has repeatedly said that negotiations are ongoing with a host of countries, the U.S. has only been able to strike a framework for a deal with the UK.

According to the report, the U.S. would assess the responses within days and offer "a possible landing zone" that could include a reciprocal tariff rate.

While Reuters clarified that the recipients are not known, the letter was intended for those involved in active negotiations, which included meetings and document exchanges. The U.S. is currently in talks with several partners, including Vietnam, India, and the European Union.

On Monday, Deputy Treasury Secretary Michael Faulkender told CNBC that Washington, D.C., is making good progress in trade talks, and several deals will be announced before July 9.

While the Trump administration is pushing through with its negotiations, legal battles continue in America’s courts on whether the President overstepped his powers in declaring the tariffs.

Last week, the Court of International Trade struck down the levies, but a federal appeals court paused that judgment only 24 hours later.

The report added that the U.S. has signaled to allies that trade talks will continue, irrespective of the outcome of the cases.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, is up 0.6% this year, and the Invesco QQQ Trust Series 1 (QQQ), which tracks the Nasdaq-100 index, has gained 1.7%.

Also See: Disney Reportedly Cuts Several Hundred Jobs In Entertainment, Corporate Finance: Retail’s Mixed About Latest Round Of Layoffs

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