90 days, 90 trade deals? Here’s what Trump has actually pulled off ahead of July 9 deadline

US President Donald Trump - File Photo

When US President Donald Trump imposed sweeping ‘Liberation Day’ tariffs on dozens of countries in April this year, he stunned allies and rivals alike. Then, just a week later, he stunned them again by announcing a 90-day pause on the tariffs to give countries a window to strike bilateral trade agreements with the United States by July 9.

Top Trump officials boldly promised “90 deals in 90 days.” But as the clock ticks down, how many actual deals have materialised? The answer, it seems, is far fewer than the rhetoric suggested – raising questions about the effectiveness of Trump’s trade brinkmanship.

Signed but shaky

UK: The UK was among the first to reach an agreement with Trump, but it’s far from the “major” deal Trump claimed. It’s a mini-trade pact at best. The US agreed to cut tariffs on British cars from 25 per cent to 10 per cent for the first 100,000 units, and the UK scrapped duties on American ethanol and beef imports. However, many tariff issues remain unresolved, especially around steel, aluminum, and pharma. It's more of a political gesture than a comprehensive pact.

China: Perhaps the most high-stakes negotiation, the US-China agreement remains vague and unverified. Trump claimed a deal was signed during talks in London, aimed primarily at expediting Chinese shipments of rare earth minerals to the US. But China’s statements have been cautious – acknowledging only that “details of the framework” had been confirmed. There’s no formal treaty, no published terms, and no commitment from Beijing to resume rare earth exports. It’s a diplomatic patch, not a full-scale resolution.

Vietnam: Trump unveiled a trade deal with Vietnam earlier this week, billing it the “great deal of cooperation.” Under this, the US will impose a 20 per cent tariff on Vietnamese exports, and an even steeper 40 per cent duty on goods that pass through Vietnam – a practice known as “trans-shipping.” In return, Vietnam will allow US goods to enter tariff-free. Experts remain skeptical, however, pointing out that “trans-shipping” is hard to define and even harder to enforce.

In progress

India: Trade negotiations between India and the US remain intense but incomplete. Trump officials and Indian negotiators are in near-daily talks, but sticking points remain, especially India's insistence on protecting its dairy and agricultural sectors. The US is keen to open access for soybeans, maize, and cotton to reduce its trade deficit. A mini-deal modelled on the UK agreement is likely, but yet to be announced.

Canada: Talks briefly collapsed when Trump accused Canada’s digital services tax of being a "direct and blatant attack" on American companies like Google and Amazon. But Canada, eager to preserve access to the US market, has since agreed to drop the tax. Trade discussions are set to resume, with hopes for a deal by July 21.

Japan: Early optimism around a Japan deal has faded. Talks have hit a wall over the US tariff on Japanese cars (25%) and threats of new levies on Japanese rice. Trump recently vented online, suggesting a deal is unlikely. Still, Japanese officials remain cautiously hopeful, saying they are committed to "sincere and honest discussions."

What’s it costing America

While Trump pitches the tariffs as a win for US workers, economists say the opposite may be true.

According to a study by JPMorganChase Institute, American companies may end up paying $82.3 billion as a result of these tariffs. If the original “Liberation Day” tariffs had remained in full effect, that number would have skyrocketed to $187.6 billion—roughly $2,000 per employee at affected companies.

And it won’t just hurt businesses. A Goldman Sachs analysis predicts that at least 60% of the added costs will be passed on to consumers, driving up prices on everything from electronics to furniture.