Trump says trade deals could come this week. Here’s what to know as negotiations continue.

President Trump has hinted at the possibility of announcing new trade agreements in the near future, as the deadline for the 90-day pause on tariffs approaches on July 9. The President took to Truth Social to tease a “major trade deal” with a “big, highly respected country,” with the United Kingdom being mentioned as a potential partner. The anticipation for these agreements has been building up, with Mr. Trump scheduled to make a formal announcement at the White House.

The focus on trade deals comes at a crucial time for businesses, consumers, and investors who are grappling with uncertainty surrounding the U.S. economy. The imposition of a 10% baseline tariff on most imported goods since April 5 has already started to impact American businesses and consumers. The ongoing trade war with China, characterized by high tariffs on both sides, has further exacerbated concerns about potential supply shortages and price hikes.

Negotiations for new trade agreements are in progress with key economic partners such as Canada, Italy, India, Japan, and the United Kingdom. The Trump administration is aiming to wrap up deals with countries where the U.S. has trade deficits by the end of the year, although experts predict that negotiations could extend beyond that timeline. The long-term implications of these agreements are prompting countries to proceed cautiously in their discussions.

While progress is being made on various fronts, active trade talks with China have not yet commenced. However, a meeting between U.S. Treasury Secretary Scott Bessent and a high-level Chinese delegation is set to take place in Switzerland. The potential trade agreements are expected to be nonbinding agreements or memorandums of understanding, with a focus on reducing tariffs, addressing non-tariff barriers, and tackling issues like currency manipulation and subsidies.

As negotiations continue, more details on specific tariff rates and trade terms are expected to be revealed. President Trump has emphasized the importance of fair and friendly trade relationships with other countries. The upcoming trade agreements could bring relief to businesses and consumers facing the impact of tariffs and trade tensions.

In conclusion, the anticipation for new trade agreements and the potential implications for the U.S. economy are high as the deadline for tariff negotiations draws near. Stay tuned for further updates on the progress of these trade deals and their impact on businesses and consumers.