President Trump's higher reciprocal tariffs will resume on July 9, with significant implications for global trade. Initially imposed at rates up to 50%, these tariffs faced a brief suspension. Trump indicated he does not plan to extend this pause for negotiations. Despite plans to secure numerous trade deals, expectations have been tempered within the administration, with officials now focusing on achieving a smaller number of key agreements. The unpredictable nature of Trump's trade strategy has led to criticism from various sectors, highlighting concerns over market volatility.
Trump's unpredictable style has earned him the descriptor TACO for Trump Always Chickens Out, while businesses, economists, and investors have criticized him for creating a volatile business environment.
Trump's trade adviser Peter Navarro touted 90 deals in 90 days in April. As the deadline approaches though, others in the Administration are lowering expectations.
Commerce Secretary Howard Lutnick said on Bloomberg Television last week, 'We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind.'
Treasury Secretary Scott Bessent echoed Lutnick on Fox Business on Friday: 'If we can ink 10 or 12 of the important 18—there are another important 20 relationships—then I think we could have trade wrapped up by Labor Day.'
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