President Trump speaks to reporters in the Oval Office on May 7, 2025.
Jim Watson/AFP
hide caption
toggle caption
Jim Watson/AFP
President Trump on Thursday is set to announce his first trade agreement since his steep tariffs last month roiled stock markets, teasing the announcement in a social media post late Wednesday night.
Trump did not reveal the name of the country, nor the terms, saying only that it was “A BIG, AND HIGHLY RESPECTED, COUNTRY” and that representatives would join him for the announcement at 10 a.m. ET in the Oval Office. The White House declined comment.
It normally takes many months of negotiations to hammer out trade agreements. Trump’s agreements could be more like frameworks, with details to be determined down the line.
His administration has engaged in a flurry of talks with trading partners since April 2, when Trump rolled out a 10% tariff on all imported goods as well as what he called “reciprocal tariffs” — steep tariff walls aimed at punishing countries for their trading practices and volumes, and at drawing manufacturing to America.
After markets plunged, Trump retreated, pausing the hikes for 90 days. The lone exception was China, where 145% tariffs have effectively stopped shipments. Economists have warned the tariffs could lead to shortages of some goods and raise consumer prices for others.
Trump administration officials have said his moves brought countries to the table to talk about a range of trade issues, including Japan, South Korea, the United Kingdom, Vietnam and India. On Saturday, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet China’s He Lifeng in Switzerland.
Since taking office, Trump has slapped sectoral tariffs on imports of autos, steel and aluminum, and threatened more on movies, copper, lumber, pharmaceuticals, and semiconductors.
