Trump's Tariff Deadline Nears: Here's Where Global Deals Stand With 10 Days To Go

With just days left before Trump’s July 9 tariff deadline, countries are stepping up efforts to strike trade deals. 

Here’s a look at how negotiations are unfolding as the clock winds down, with only two partial agreements struck so far — with the UK and China.

1. Partial deals more likely than full agreements

Officials expect several agreements to be announced, though most are expected to be limited in scope. 

Trade experts say the outcomes may fall short of traditional trade pacts. “Frameworks” are more likely than binding deals, according to a Bloomberg report.

2. Administration says up to a dozen deals possible

Commerce Secretary Howard Lutnick told Bloomberg that the U.S. could complete “top 10” deals with major economies by the deadline. 

Countries in ongoing talks include Taiwan, Indonesia, Vietnam, South Korea and India.

3. Trump suggests unilateral action is still on the table

Trump said last week he could act before the deadline, telling reporters, “I’d like to just send letters out to everybody. Congratulations. You’re paying 25%.’” 

He later announced a halt in talks with Canada over its digital tax proposal.

4. EU, Japan, India seek clarity on sector-specific tariffs

Countries are seeking more details on potential U.S. tariffs on semiconductors, pharmaceuticals, and aircraft. 

The Commerce Department is expected to release investigation results in the coming weeks.

5. Legal uncertainty remains

In May, the U.S. Court of International Trade ruled that most of Trump’s tariffs were imposed illegally. 

An appeals court has paused enforcement of that ruling, with a final decision due later in July.

6. Some countries may face higher tariffs

Treasury Secretary Scott Bessent said that around 20 countries could continue negotiations if they are deemed to be acting in “good faith.” 

Others risk being returned to the higher April 2 tariff rate or beyond.

7. Investors anticipate volatility

Markets remain cautious amid the lack of clarity. Investors have coined the acronym “TACO,” which stands for Trump Always Chickens Out, in response to past reversals after aggressive tariff announcements.

8. Public support for trade policy is low

A Quinnipiac University poll conducted earlier in June showed 57% of voters disapprove of Trump’s handling of trade. 

The administration has faced criticism for the limited economic impact of previous agreements.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, is up 5.2% year-to-date, while the Invesco QQQ Trust, Series 1 (QQQ), which tracks the Nasdaq-100, has gained 7.4%. 

Meanwhile, the SPDR Dow Jones Industrial Average ETF Trust (DIA) is up 3.4%.

On Stocktwits, retail sentiment was ‘bullish’ for SPY and DIA with ‘normal’ message volume, while sentiment for QQQ was ‘bearish’ amid ‘high’ message volume.

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