Trump Trade deal announcement: Plans by August 1

President Donald Trump trade deal announcemet that he has stated that the U.S. is set to complete most of its trade deals before the August 1 self-imposed deadline.

This declaration follows in the wake of a just-finished trade deal with Japan, where tariffs were reduced from 25% to 15%. Further, negotiations with the European Union also look promising. Although Trump said there is only a “50/50” chance a final deal is made. He suggested the EU would have to lower their tariffs in order to complete the deal.

The U.S. has managed to successfully negotiate lower tariffs with various Southeast Asian countries. Within the last few weeks, including Vietnam, Indonesia, and the Philippines. Countries like China, India, Mexico, South Korea, and Canada remain in talks. Trump reconfirmed that nations that refuse to open their markets to the U.S. can expect higher tariffs.

These trade talks are especially germane to the crypto market. Uncertainty worldwide in trade has, in the past, caused volatility in Bitcoin and other cryptocurrencies. With the deadline drawing near, whether or not these deals are consummated and resolved could have a very big impact on market direction.

Trump also pointed out that negotiations with China are almost done after long exchanges with President Xi Jinping. Negotiations with Canada, however, seem to have derailed. The president even considered new unilateral tariffs on Canadian imports if something is not achieved anytime soon.

European authorities, however, remain hopeful to conclude a trade agreement with the U.S. as early as this weekend. If it succeeds, it would impart new vitality into both conventional markets and cryptocurrencies, particularly when Bitcoin moves in a range-bound price.