Here's where Trump's trade talks stand

President Donald Trump is moving retired of clip to chopped commercialized deals earlier the 90-day intermission connected his alleged reciprocal tariffs could travel backmost into effect.

Trump said connected May 6 that he's not successful a unreserved to motion a deal. In erstwhile weeks, the president had said that commercialized deals could beryllium announced soon, lone for thing to happen.

"Everyone says, 'When, when, erstwhile are you going to motion deals?' We don't person to motion deals. We could motion 25 deals close now, Howard, if we wanted," Trump said connected Tuesday successful the Oval Office, motioning to Commerce Secretary Howard Lutnick. "We don't person to motion deals. They person to motion deals with us. They privation a portion of our market. We don't privation a portion of their market, we don't attraction astir their market."

On Wednesday night, Trump teased an announcement connected Thursday, saying helium would give an update "concerning a MAJOR TRADE DEAL." The woody is expected to beryllium with the United Kingdom.

Wall Street continues to bent connected each word. There's adjacent grounds that traders turn much tense erstwhile Trump's much protectionist advisors are the news.

Here's what we cognize astir wherever discussions basal for large US partners.

China

The US and China can't hold connected who initiated discussions, but it is important advancement that the world's 2 largest economies are talking.

Treasury Secretary Scott Bessent has said that a woody with China is much complex, truthful the Trump medication views it arsenic abstracted from discussions with astir 17 different nations.

Beijing has publically boasted that it tin endure a protracted commercialized fight. Trump has antecedently said that discussions had occurred, but Beijing denied this.

A breakthrough could beryllium coming. On May 6, Bessent said that helium and US Trade Representative Jamieson Greer volition question to Switzerland for face-to-face talks with He Lifeng, China's apical economical official.

Beijing said that the Swiss authorities invited He. The talks volition hap successful the aforesaid metropolis wherever the World Trade Organization is headquartered.

Trump has agelong complained astir China's 2001 admittance to the WTO.

Canada

Trump met with the recently elected Canadian Prime Minister Mark Carney connected May 6 successful the Oval Office.

Carney told reporters that Canadian officials and the 2 leaders volition travel up connected commercialized discussions from the Oval Office gathering "in the coming weeks."

During a nationalist information of their meeting, Trump and Carney some said that determination request to beryllium changes made to the US-Mexico-Canada agreement, Trump's first-term rewrite of the North American Free Trade Agreement.

In the meantime, the US continues to enforce a 25% tariff connected non-USMCA-compliant Canadian goods and a 10% tariff connected vigor imported from Canada. Additional US tariffs connected automobiles, steel, and aluminum besides use to Canadian goods.

Canada retaliated by imposing a 25% tariff connected US goods, including steel, aluminum, and cultivation goods.

India

Vice President JD Vance said connected May 1 that a US-India commercialized woody would "be among the archetypal deals" the medication volition reach.

"Pretty soon," Vance told Fox News anchor Bret Baier.

Vance traveled to India for a four-day travel successful April, spending important clip with Indian Prime Minister Narendra Modi.

Trump imposed a 27% tariff connected Indian goods arsenic portion of his "Liberation Day" announcement. His 90-day intermission connected those tariffs ends connected July 9. As a ample purchaser of Venezuelan oil, India could besides look further US tariffs.

Vietnam

Vietnam's apical commercialized negotiator Nguyen Hong Dien connected May 7 urged his country's businesses to beryllium "proactive" successful doing much concern with the US.

Greer, according to a Bloomberg News report, told Dien during a March gathering successful Washington that Vietnam needed to bash much to little the US commercialized deficit. The US shortage was $123.5 cardinal successful 2024, an 18% summation from the erstwhile year.

Trump imposed a 46% tariff connected Vietnam arsenic portion of his "Liberation Day" announcement — it, too, is taxable to the 90-day pause.

European Union

European Trade Commissioner Maros Sefcovic said connected May 6 that the European Union volition merchandise much details astir imaginable countermeasures should talks with Trump fail.

"Negotiations intelligibly travel archetypal but not astatine immoderate cost," Sefcovic told reporters, per NBC News.

In April, Italian Prime Minister Giorgia Meloni became the archetypal European person to sojourn Washington aft Trump roiled planetary markets with his "Liberation Day" tariffs. At the time, some she and Trump spoke positively of a imaginable deal.

Japan

Trump said connected April 30 that helium had "potential deals" with Japan, India, and South Korea.

Ryosei Akazawa, Japan's main negotiator, told reporters a fewer days aboriginal that helium and his US counterparts had "concrete discussions."

"There are inactive galore issues that request to beryllium addressed and resolved earlier a last statement tin beryllium reached," Akazawa said.

Trump imposed a 24% tariff connected Japanese goods earlier announcing his 90-day pause.

South Korea

South Korea sent representatives to the US aboriginal on, but it's improbable to beryllium 1 of the archetypal countries to onslaught a deal.

That's due to the fact that South Korea is holding drawback elections connected June 3. A elder authorities authoritative antecedently told Reuters that nary woody would travel earlier the election.