Trump signals imminent trade deals amid global tariff tensions

[WORLD] President Donald Trump has suggested that new trade agreements with certain countries could be finalized as early as this week, potentially offering relief to trading partners anxious to avoid steep U.S. import tariffs. “It could very well be,” Trump said Sunday when asked if any trade pacts might be announced in the coming days. He declined to name specific countries involved in the talks.

“We’re negotiating with many countries,” Trump continued aboard Air Force One. “But at the end of the day, I’ll make the deals. I set the terms — not them.” Pressed again on the timing of possible agreements, Trump emphasized his control over the process. “You keep asking the same question: ‘When will you agree?’ It’s up to me, it’s not up to them.”

The president also indicated that discussions are ongoing between U.S. officials and their Chinese counterparts, fueling hopes of a possible easing in trade tensions that have rattled global markets.

Over the past two weeks, financial markets have steadied, buoyed by signs that negotiations with Asian economies are progressing. Trade tensions with China, while still elevated, appear to be stabilizing.

China remains the central focus of Trump’s tariff strategy. In response to sweeping U.S. duties — now as high as 145% on certain Chinese imports — Beijing has imposed retaliatory tariffs reaching 125% on American goods.

Recent comments from Chinese officials have hinted at a potential thaw, and Trump told NBC News on Sunday that he would be open to reducing U.S. tariffs eventually. However, when asked on Air Force One about direct talks with Chinese President Xi Jinping, Trump said no meeting is currently planned.

Last week, Beijing confirmed that trade discussions with U.S. officials are ongoing. While talks continue with several countries, Trump and senior administration officials have not ruled out the imposition of additional tariffs.

“At a certain point, I’ll just be setting a number,” Trump said Sunday. “In the next two or three weeks, I’m going to announce a deal.” He added: “There are countries that have run massive surpluses with us — they’ve taken advantage of us — and we know exactly what’s been going on.”

Trump’s aggressive tariff policies have sent shockwaves through the global economy, triggering market turmoil and stoking fears of a downturn. Between January and April 2025, the average U.S. tariff rate has surged from 2.5% to an estimated 27% — the highest level in over a century. This sharp rise has led to a wave of retaliatory tariffs, most notably from China, but also from key partners such as Canada and Mexico.

Beyond China, the U.S. is also in active negotiations with countries including India, Japan, and South Korea. Indian Commerce Minister Piyush Goyal recently visited Washington as part of efforts to forge a bilateral trade agreement by the fall. Japanese officials have expressed optimism about reaching a deal by June following productive talks in Washington.

While friction with China persists, these developments indicate progress with other strategic partners.

The economic fallout from the trade disputes has been significant. Both the Federal Reserve and the OECD have revised their U.S. growth forecasts downward, citing escalating tariff pressures. Market volatility has spiked, particularly following the administration’s April 2 announcement of "reciprocal tariffs," which triggered a steep stock market drop.

Despite these concerns, Trump remains steadfast, portraying the tariffs as a vital step to protect American industries and reduce trade imbalances.

His recent comments about potentially scaling back tariffs on Chinese imports acknowledge the strain such measures have placed on businesses. Trump noted that China's economy is under pressure and that both sides are seeking a path toward de-escalation. Still, obstacles remain — including Beijing’s demand that the U.S. roll back existing tariffs before formal negotiations can proceed.

Complicating matters are the political dynamics surrounding the trade strategy. Many economists have criticized Trump’s approach, arguing that it is rooted in misconceptions about trade deficits and risks long-term economic harm. Nonetheless, Trump continues to champion his “fair trade” agenda, insisting that any future agreements must prioritize American interests.