President Donald Trump has spent the week talking trade. But the hardest part may be yet to come.
While Trump has expressed optimism about agreements with Europe and China, among others, so far it’s been just that: positive comments, but no signed deals.
Here’s a quick guide to the Trump administration’s talks with a number of different countries about tariffs and trade, as markets prepare for another week of headlines and signs of potential agreements.
With triple-digit tariffs on each other, the U.S. and China are perhaps the stars of the trade spotlight. The path to negotiations may not be easy, as MarketWatch has reported, but on Thursday, Trump said a deal could be concluded within a month.
“I would think over the next three or four weeks, I think maybe the whole thing could be concluded,” he told reporters.
He also said if no deal could be struck, the U.S. would set a tariff limit. He didn’t elaborate on a number, though his second-term tariffs on China are a staggering 145%.
Italian Prime Minister Giorgia Meloni’s visit to the White House this week prompted both Trump and the Italian leader to comment on a deal with Europe, even though Meloni doesn’t herself speak for the whole 27-member European Union.
“There will be a trade deal, 100%,” Trump said. “They want to make one very much, and we are going to make a trade deal, I fully expect it, but it will be a fair deal.”
Meloni said she is “sure we can make a deal” and that she was visiting Trump to help make it happen.
Europe is subject to 10% tariffs, Trump’s baseline rate after he declared a 90-day pause on higher duties. The European Union is holding off on retaliatory measures on U.S. goods until July 14 to allow time for talks.
South Korea appears to be next in line for trade talks with the Trump administration. Treasury Secretary Scott Bessent and his counterpart, Choi Sang-mok, will meet next week at Bessent’s suggestion, according to the Korean finance ministry.
The meeting is scheduled for the spring meetings of the International Monetary Fund and World Bank, during which top finance officials from dozens of countries will be in Washington.
Talks with Japan appear ripe for restarting after Bessent this week said discussions were going in a “highly satisfactory direction.”
“We look forward to more positive conversations with our friends from Japan soon,” he said in a post on X.
Japan is subject to the 10% duty as well and is on the hot seat as a major automobile manufacturer, as Trump has slapped tariffs of 25% on foreign-made cars. On Monday, Trump said he was considering exemptions for automakers to give them time to move production to the U.S.
Prime Minister Shigeru Ishiba of Japan said Thursday that future negotiations would be “challenging,” but he regarded this week’s talks as laying the groundwork for the next. He also said he was mulling a trip to meet Trump one-on-one.
Trump himself joined talks with Japanese officials on Wednesday and afterward posted that “big progress” had been made.
Trump and President Claudia Sheinbaum of Mexico spoke Wednesday, and both leaders called the discussion “very productive.”
“We will continue our dialogue to reach good agreements that benefit our countries and our people,” Sheinbaum wrote on X.
Trump has slapped 25% tariffs on goods from both Mexico and Canada, but later suspended those levies on products that fall under the two countries’ trade agreement with the U.S. Still, many products don’t comply with the U.S.-Mexico-Canada agreement and thus are subject to tariffs.
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