Tariff Turmoil: Agreements with 195 Countries in 90 Days Is Impossible
Trump might just assign percentages and the results will be crippling.
On April 9th, President Trump rolled back the high tariff schedule he had announced on April 2nd, his “Liberation Day”, allowing 90 days for the world's 195 countries to come forward to offer concessions for his consideration. In the interim, tariffs worldwide are 10% in almost all cases, but 145% for China.
On May 8th, twenty-nine days into the pause, he announced the first agreement. Great Britain’s tariff would stay at 10%, in return for U.S. access to their markets, specifically mentioning beef, ethanol, and other farm products. It’s a framework; details to be worked out.
It’s hardly a triumph. The United Kingdom is one of the very few with which we have a trade surplus. They buy more from the U.S. than we buy from them. They didn’t need fixing. And it was immediately pointed out that the British market is already wide open to our products, including beef, ethanol, etc.
China said it would not negotiate until the U.S. lowers the 145%. On Friday Trump backed down, tweeting on Truth Social, "80% Tariff on China seems right! Up to Scott B." Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer are now in Switzerland for talks with China. Wasn’t it Trump to do all the deals?
BEFUDDLEMENT
Okay, that's the latest that we report dutifully but the real story is the madcap confusion that has consumed the administration since the pause was announced.
About three weeks ago, the president sat for an interview by Time magazine. There was this bewildering exchange:
Time: Your trade adviser, Peter Navarro, says 90 deals in 90 days is possible. We're now 13 days into the point from when you lifted the reciprocal, the discounted reciprocal tariffs. There's zero deals so far. Why is that? Continue reading