President Donald Trump asserted significant progress in trade negotiations, stating he has secured “200 deals” with foreign leaders, with details to be disclosed in the coming weeks. In an interview with TIME magazine, he emphasized his direct involvement: “Ultimately, I’ve made all the deals.”
Trump highlighted ongoing discussions with China, claiming that President Xi Jinping had contacted him to initiate talks. However, China’s Foreign Ministry refuted this, stating, “China and the U.S. are NOT having any consultation or negotiation on #tariffs.”
Despite the conflicting narratives, there are indications of easing tensions. China has recently exempted certain U.S.-made pharmaceuticals from steep retaliatory tariffs and is reportedly considering additional product exemptions.
The Trump administration is also engaged in trade discussions with multiple countries. Talks with Japan are described as a “test case,” though negotiations may be prolonged due to domestic political considerations in Tokyo. Additionally, discussions with India aim to double bilateral trade by 2030.
Trump’s recent imposition of a 10% baseline tariff on imports, with higher rates for specific countries, has drawn global attention. He defended the strategy, stating, “I am this giant store… and I set prices.” He acknowledged that the 145% tariff on Chinese imports “will come down substantially but it won’t be zero.”
Global financial leaders have expressed concerns over the economic risks of ongoing tariffs, prompting calls for de-escalation. U.S. stocks have experienced volatility, with a decline of approximately 10% since January, and the dollar has weakened, intensifying fears of a potential global economic slowdown.
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