White House pushes for trade deals as tariff deadline nears

(CNN)- The White House is urging countries to submit their best offers for trade deals by the end of the day, as the 90-day pause on so-called “reciprocal” tariffs is set to expire on July 9.

White House Press Secretary Karoline Leavitt stated, “The president expects good deals, and we are on track for that.”

However, economic experts are expressing doubts about the feasibility of finalizing multiple trade agreements in such a short time frame.

“Well, the challenge here is, of course, that it is not easy to just quickly make a trade deal,” said Torsten Slok, former Chief Economist and Managing Director at Deutsche Bank. “Trade deals are not only about the tariffs on goods. It’s also about monetary affairs, services, and many other issues.”

Also taking effect today — President Donald Trump is doubling tariffs on steel and aluminum imports, raising duties to 50 percent. The White House says the move is aimed at strengthening domestic production of those metals, calling it a matter of national security.  The Can Manufacturers Institute warns the increased cost of steel could drive up grocery store prices.

Meanwhile, the Organization for Economic Co-operation and Development (OECD) has released a new economic outlook, predicting a 1.2 percentage-point slowdown in U.S. GDP growth this year compared to last, with another decline projected for the following year. Globally, the OECD forecasts a 0.4 percentage-point hit in 2025.

“It’s quite important that countries get together, see what are their grievances against each other, and get an agreement to lower trade barriers,” said Álvaro Santos Pereira, Chief Economist at the OECD.