The president’s supporters portray him as a top dealmaker. But, at least for now, far more trading partners have gotten stiff tariffs than trade deals.
Even after President Trump announced sweeping global tariffs in April, some investors and supporters comforted themselves by arguing that the president’s goal was still to open global markets, not close them off.
The belief, promoted by Mr. Trump himself, was that he was using his tariffs as a lever to crack open commercial opportunities and the administration would soon deliver dozens of deals that would increase U.S. exports and help American businesses flourish abroad.
Three months later, that optimism is being replaced by doubts that Mr. Trump’s goal was ever to strike the kind of trade deals that would open up markets.
Instead, the president is making new announcements daily about bruising tariffs that will come into effect against dozens of trading partners in just a few weeks. On Saturday, Mr. Trump announced on social media that he would place a 30 percent tariff on goods from the European Union and Mexico, starting on Aug. 1. That followed similar threats this week warning Canada, Japan, South Korea, Brazil, and numerous other nations large and small, of forthcoming tariffs.
Administration officials continue to describe the president’s tariff threats as a gambit aimed at getting more concessions from foreign countries in trade negotiations. But, according to Mr. Trump’s timeline, the window to strike deals and avoid punishing tariffs is rapidly diminishing. So far, the administration has only announced two preliminary deals, with Britain and Vietnam, and the status of the Vietnam deal is now in question.
While handshake agreements with India, Taiwan and other governments could soon be pending, they are likely to be limited pacts that leave much to be negotiated. And even when deals have been announced, Mr. Trump has left double-digit tariffs in place, and promised that more levies on foreign products are on the way.
