By Esther Ososanya
With just hours to go before the July 9 deadline for sweeping tariff hikes, the United States has signalled that several trade announcements are imminent, sending global markets and foreign governments into a frenzy.
U.S. Treasury Secretary Scott Bessent said on Monday that countries around the world have rushed in last-minute offers in a bid to secure favourable terms and avoid punitive tariff increases threatened by President Donald Trump.
“My mailbox was full last night with new proposals,” Bessent told CNBC. “It’s going to be a busy couple of days.”
Although Bessent did not name the countries involved, the stakes are high. Without new deals, broad U.S. tariffs are set to spike from 10% to rates as high as 20% on some imports starting August 1, after a three-week grace period.
Europe, BRICS in the Crosshairs
The European Union, the United States’ largest trading partner, is racing to finalise a deal after Commission President Ursula von der Leyen held what was described as a “good exchange” with Trump. However, no breakthrough has been confirmed. Trump has also threatened a 17% tariff on EU food and agricultural exports.
Simultaneously, Trump took aim at BRICS nations, Brazil, Russia, India, China, and South Africa, warning of a 10% tariff hike on any country “aligning with anti-American policies”.
The warning comes as BRICS leaders met for a summit in Brazil, with newly joined members including Egypt, the UAE, Iran, and Indonesia.
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Markets on Edge, Diplomacy in Overdrive
With talks still fluid, European leaders including Germany’s Chancellor Friedrich Merz are pushing for “another 24 to 48 hours” to clinch a deal. The EU has dropped hopes for a broad agreement and is now seeking a narrow win to stave off damage to key industries like autos and pharmaceuticals.
Meanwhile, Russia defended the BRICS alliance, saying it is “not directed against any third country”.
Despite Trump’s reassurances that tariff letters being sent out would not necessarily include ultimatums, the global business community remains wary. Mercedes-Benz reported a 9% drop in second-quarter sales, citing tariff uncertainty.
The world watches as the deadline draws closer, with global trade stability hanging in the balance.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.