President Trump speaks to reporters in the Oval Office on May 7, 2025.
Jim Watson/AFP
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Jim Watson/AFP
President Trump will make a significant announcement regarding a new trade agreement on Thursday, marking his first such deal since implementing tariffs that caused market disruptions last month. The President hinted at the announcement through a social media post late Wednesday night.
While the specific details of the agreement remain undisclosed, Trump described the country involved as “A BIG, AND HIGHLY RESPECTED, COUNTRY”. The announcement is scheduled for 10 a.m. ET in the Oval Office, with representatives joining the President. The White House has refrained from providing further information.
Trade agreements typically require extensive negotiations over several months. It is possible that Trump’s agreements may serve as initial frameworks, with specific terms to be finalized later.
Following the implementation of tariffs on April 2, targeting all imported goods and imposing “reciprocal tariffs”, Trump’s administration has been actively engaging in discussions with various trading partners. These discussions aim to address trading practices, volumes, and potentially shift manufacturing operations to the United States.
In response to market volatility, Trump temporarily halted tariff increases for 90 days, except for China where tariffs as high as 145% have effectively halted imports. Concerns have been raised by economists regarding potential shortages and increased consumer prices due to the tariffs.
The administration has initiated talks with countries such as Japan, South Korea, the United Kingdom, Vietnam, and India. Additionally, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with China’s He Lifeng in Switzerland this weekend.
Since assuming office, Trump has imposed sector-specific tariffs on products like autos, steel, and aluminum, with threats of further tariffs on items including movies, copper, lumber, pharmaceuticals, and semiconductors.
