Major economies vow to safeguard their interests as US tariff deadline looms

With less than a week remaining before the US-set deadline for "reciprocal tariff" negotiations, some major economies have underscored their firm commitment to safeguarding their own interests.

European Commission President Ursula von der Leyen said Thursday that the European Union (EU) is "ready for a deal" with the United States to resolve ongoing tariff disputes.  However, she emphasized that the bloc is also preparing for the possibility of a non satisfactory agreement being reached, in order to defend Europe's interests.

She also warned that if the talks fail, the EU would not hesitate to implement retaliatory measures.

Japanese Prime Minister Shigeru Ishiba on Wednesday said Japan is the largest investor in the United States and one of the biggest creators of jobs there, making it "a different case from other countries."

While reducing the US trade deficit is important, he emphasized that investment, rather than tariffs, is the fundamental solution.

The remarks came as US President Donald Trump expressed skepticism over the ongoing negotiations with Japan, floating the idea of further increasing tariffs to 30 percent or 35 percent.

Trade talks between India and the US have stalled over tariff disputes on auto components, steel, and farm goods, ahead of Trump's July 9 deadline for "reciprocal tariffs". India has maintained that agriculture and dairy are its "red line" issues in its ongoing negotiations with the US.

Meanwhile, a spokesperson for China's commerce ministry said on Friday that teams from both China and the United States are stepping up efforts to implement the outcome of the China-US economic and trade consultation mechanism. 

It is hoped that the US side will have a profound understanding of the mutually beneficial and win-win nature of China-US economic and trade relations and continue to work with China in the same direction, the spokesperson added.

(With input from Xinhua)