President Trump speaks to reporters within the Oval Workplace on Could 7, 2025.
Jim Watson/AFP
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Jim Watson/AFP
President Trump on Thursday is ready to announce his first commerce settlement since his steep tariffs final month roiled inventory markets, teasing the announcement in a social media submit late Wednesday evening.
Trump didn’t reveal the identify of the nation, nor the phrases, saying solely that it was “A BIG, AND HIGHLY RESPECTED, COUNTRY” and that representatives would be a part of him for the announcement at 10 a.m. ET within the Oval Workplace. The White Home declined remark.
It usually takes many months of negotiations to hammer out commerce agreements. Trump’s agreements might be extra like frameworks, with particulars to be decided down the road.
His administration has engaged in a flurry of talks with buying and selling companions since April 2, when Trump rolled out a ten% tariff on all imported items in addition to what he referred to as “reciprocal tariffs” — steep tariff partitions geared toward punishing nations for his or her buying and selling practices and volumes, and at drawing manufacturing to America.
After markets plunged, Trump retreated, pausing the hikes for 90 days. The lone exception was China, the place 145% tariffs have successfully stopped shipments. Economists have warned the tariffs may result in shortages of some items and lift client costs for others.
Trump administration officers have stated his strikes introduced nations to the desk to speak a few vary of commerce points, together with Japan, South Korea, the UK, Vietnam and India. On Saturday, Treasury Secretary Scott Bessent and Commerce Consultant Jamieson Greer are set to satisfy China’s He Lifeng in Switzerland.
Since taking workplace, Trump has slapped sectoral tariffs on imports of autos, metal and aluminum, and threatened extra on films, copper, lumber, prescribed drugs, and semiconductors.
