Trump is set to announce his first trade deal since his tariffs sent markets reeling

President Trump speaks to reporters successful the Oval Office connected May 7, 2025. Jim Watson/AFP hide caption

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Jim Watson/AFP

President Trump connected Thursday is acceptable to denote his archetypal commercialized statement since his steep tariffs past period roiled banal markets, teasing the announcement successful a societal media post precocious Wednesday night.

Trump did not uncover the sanction of the country, nor the terms, saying lone that it was "A BIG, AND HIGHLY RESPECTED, COUNTRY" and that representatives would articulation him for the announcement astatine 10 a.m. ET successful the Oval Office. The White House declined comment.

It usually takes galore months of negotiations to hammer retired commercialized agreements. Trump's agreements could beryllium much similar frameworks, with details to beryllium determined down the line.

His medication has engaged successful a flurry of talks with trading partners since April 2, erstwhile Trump rolled retired a 10% tariff connected each imported goods arsenic good arsenic what helium called "reciprocal tariffs" — steep tariff walls aimed astatine punishing countries for their trading practices and volumes, and astatine drafting manufacturing to America.

After markets plunged, Trump retreated, pausing the hikes for 90 days. The lone objection was China, wherever 145% tariffs person efficaciously stopped shipments. Economists person warned the tariffs could pb to shortages of immoderate goods and rise user prices for others.

Trump medication officials person said his moves brought countries to the array to speech astir a scope of commercialized issues, including Japan, South Korea, the United Kingdom, Vietnam and India. On Saturday, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to conscionable China's He Lifeng successful Switzerland.

Since taking office, Trump has slapped sectoral tariffs connected imports of autos, alloy and aluminum, and threatened much connected movies, copper, lumber, pharmaceuticals, and semiconductors.