Trade Minister Howard Lootnick said commercial deals with South Korea and Japan may take much longer to complete the framework agreement announced by Donald Trump on Thursday with the United Kingdom, indicating that some Asian partners may have to wait for a tariff tariff.
“You must spend a tremendous time with Japan, South Korea. These are not quick deals,” Lootnick said in an interview on Bloomberg TV.
Lootnick added that India was “truly difficult” and that the country was “certainly” the possibility of being among the coming countries to reach an agreement. But he warned, “This is a lot of work.”
“When you talk about India, it is likely that 7,000 lines” are a definition that must be changed or modified under a virtual agreement, “Lootnick said. “It takes some time, and it takes work – so you give us a chance, do not pay and rush.”
At the same time, Lootnick said he was hoping that the initial deals would be like molds for its areas, which helps to clarify the type of concessions that Trump is looking for in exchange for identification relief.
“We are trying to show people a framework for how to do business so that we can roll more quickly, right?” Lottenic said.
The head of the trade, who took a leading role in commercial negotiations, said that Trump’s basic tariff by 10 % has remained “the bottom line”, but many countries will witness higher rates unless they move vigorously to open their economies. He also said that the UK deal showed ways in which countries could see Trump’s sectoral definitions imposed on products such as cars and minerals that the president considered a priority for national security.
Lutnick talks hours after Trump spoke of the framework agreement, which gives the United States increasing to reach the markets and a faster customs operation for export in exchange for limited relief from car fees, steel and aluminum. But officials in the United Kingdom and the United States of America acknowledged that there are still important details that must be resolved, as well as distinguished concerns about long -term issues such as the UK digital service tax standards.
After the announcement, Trump told the correspondents that he was “very close” to signing more agreements.
“We have many deals,” Trump said.
Trump revealed the United Kingdom’s deal shortly before Treasury Secretary Scott Beesen and the American Trade Representative, is scheduled to leave Jameson Jarir in Geneva, for weekend meetings with Chinese trade officials. The United States and China circulated the punishment definitions after Trump announced earlier this year, in his dream in exchange for threatening the global economy.
This effort is likely to be more complicated than Trump’s efforts to extract concessions from the allies and traditional partners, although Trump on Thursday indicated that he will be ready to reduce customs tariffs if the conversations are advancing well.
“I think we will have a very good relationship,” he said.
This story was originally shown on Fortune.com
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