When Donald Trump introduced his “liberation day” tariffs in the spring, he quickly withdrew them as global markets reacted with panic. His administration then claimed that over three months, they would achieve around ninety trade agreements across the globe. However, the 90-day reprieve that Trump enforced on the high tariffs he initially planned is nearing its conclusion, and these countries are now on the verge of a trade war that includes tariffs reaching as high as 36% on countries like Thailand.
Business leaders, economists, and investors remain skeptical about the outcome, with some in Trump’s own administration seemingly unable to keep track. Marc Busch, professor of international business diplomacy at Georgetown University, suspects that Trump is serious about enforcing these tariffs, but may give countries negotiating in good faith a pass.
While a few agreements have been reached, such as a partial deal with the UK and a truce with China, these are not true trade agreements and more like temporary ceasefires. Even the tariff levels still remain higher than before Trump’s return to office, meaning these new rates continue to affect US consumers. The effects of Trump’s revised trade strategies are still uncertain as his 90-day deadline for the tariffs is quickly approaching.
Source: https://www.theguardian.com/us-news/2025/jul/05/trump-tariff-pause-inflation
