US President Donald Trump announced plans for a global trade blitz in April, promising 90 deals with dozens of countries within 90 days. However, the deadline has come and gone with only two deals secured: one with the UK and one with Vietnam.
The administration’s efforts to negotiate trade agreements simultaneously with every country on earth are seen as unrealistic by experts. “It’s really, really hard to negotiate trade agreements,” said Chad Bown, an economic adviser in the Obama White House. “What the administration is doing is negotiating a bunch of these at the same time.”
Trump’s baseline 10% import tax and reciprocal tariffs of up to 50% on countries with trade deficits have been met with skepticism by investors and trading partners. The US has suspended its own tariffs twice since their introduction, citing the need for negotiations.
Despite securing deals with smaller economies like Vietnam, bigger trading partners remain elusive. “The US is gambling that these countries will ultimately be intimidated and fold,” said William Reinsch, a former US trade official. “It’s kind of a giant game of chicken.”
The lack of progress has led to concerns about the impact on global trade and the economy. Trump’s continued use of tariff threats as leverage for concessions from other countries is seen as a key factor in the stalemate.
Source: https://apnews.com/article/trump-tariff-deadline-japan-south-korea-trade-7ea94de216329a9b011a3d3951ae5963