today, Thursday—marking the first of its kind since his administration imposed sweeping tariffs on all trade partners at the beginning of April, in what became known as “Liberation Day.”
Trump hinted at the upcoming announcement in a post on the “Truth Social” platform, stating: “Big press conference tomorrow morning at 10:00 in the Oval Office regarding a major trade deal with representatives of a very large and highly respected country. The first of many!”
Details of the expected agreement have not yet been disclosed. However, the United Kingdom is currently subject to a 10% U.S. tariff on all its exports, in addition to sectoral tariffs of 25% on steel, aluminum, and automotive products.
In a related context, Trump announced that he does not intend to reduce the tariffs imposed on Chinese goods—which stand at 145%—in an effort to push Beijing back to the negotiating table. He noted that “China is eager to do business, but we’re not losing anything by slowing trade with them.”
American officials, including Treasury Secretary Scott Bessent and U.S. Trade Representative Jameson Greer, are scheduled to meet their Chinese counterparts in Switzerland at the end of this week for trade talks—raising hopes for a possible easing of tensions between the two sides.
On the other hand, reports indicated that Beijing has prepared a list of U.S. goods exempt from its tariffs, a move seen as a de-escalation attempt without making overt concessions.
Economically, Federal Reserve Chairman Jerome Powell confirmed that the full impact of the tariffs on the economy has yet to materialize, noting a decline in market confidence. The central bank kept interest rates unchanged, awaiting more data on the implications of current trade policies.
Separately, Trump hinted at the potential imposition of tariffs on pharmaceutical imports in the coming weeks—a move that could pose a new challenge to the sector, especially amid warnings from major companies like Ford about the substantial impact of tariffs on their operations.
Trump also briefly threatened to impose a 100% tariff on foreign films, without further elaboration—adding more uncertainty to his multi-front trade strategy.
