President Trump is scheduled to announce his first trade agreement since implementing significant tariffs last month, which caused fluctuations in stock markets. This announcement was hinted at in a social media post late Wednesday night.
The specific country involved in the trade agreement or the terms were not disclosed, but it was described as “a big, and highly respected, country.” Representatives from this country are expected to join Trump for the announcement in the Oval Office at 10 a.m. ET. The White House has not provided additional comments.
Typically, trade agreements take several months of negotiation, but Trump’s agreements may serve as preliminary frameworks, with the details to be finalized later. Since April 2, following the imposition of a 10% tariff on all imported goods and “reciprocal tariffs” aimed at penalizing certain trading practices, there has been an increase in discussions with various trading partners.
After a steep drop in the markets, Trump temporarily halted the tariff increases for 90 days, except for China, where 145% tariffs remain in place, largely stopping shipments. Economists have expressed concerns that these tariffs could lead to shortages and increased consumer prices.
Officials in the Trump administration assert that these measures have prompted dialogues with several countries on trade matters. Upcoming negotiations are planned in Switzerland, where Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with China’s He Lifeng.
Since taking office, Trump has imposed sector-specific tariffs on imports such as autos, steel, and aluminum, and has considered further tariffs on other goods including movies, copper, and semiconductors.
