Trump Aims to Finalize 75 Trade Deals in 90 Days Amid Tariff Pause and Market Volatility

Former President Donald Trump announced on April 9, 2025, a plan to negotiate trade agreements with 75 countries in 90 days, pausing select tariffs amid market volatility. The administration reports progress with Japan, the EU, and China, but experts like Warren Maruyama warn the timeline is too short for substantial deals. Staffing shortages further complicate efforts, with private law firms enlisted to assist. Key negotiations target China and the EU, with potential agreements focusing on purchasing U.S. goods. The tariff pause has temporarily eased market tensions, but unresolved deals could reignite volatility.

A Self-Imposed Deadline

President Trump’s 90-day tariff pause, which began on April 9, was framed by the administration as a strategic window to secure new trade deals. Trump stated that 75 countries had reached out to the White House with interest in negotiating, prompting the administration to suspend certain tariffs to facilitate talks. The pause also coincides with recent volatility in stock and bond markets, which Trump acknowledged as a factor in the decision.

According to Treasury Secretary Scott Bessent, the administration is prioritizing negotiations with the “big 15” economies, including Japan, the European Union, South Korea, and India. Meetings have already taken place with delegations from Japan and the EU, and talks with South Korea and India are scheduled in the coming weeks.

Trade Talks Under Pressure

Despite the administration’s optimism, trade experts warn that the timeline is unusually short for meaningful negotiations. “Trade negotiations can be brutal, and they can take years,” said Warren Maruyama, former general counsel for the Office of the U.S. Trade Representative under President George W. Bush. “I don’t think this is going to be anywhere near as easy as some people are spinning it.”

Myron Brilliant, a veteran of U.S. trade negotiations since the 1980s, suggested that the outcome may be limited to “one-page, two-page letters of understanding” rather than comprehensive trade agreements. These documents may include commitments to purchase U.S. goods or reduce specific tariffs but are unlikely to overhaul existing trade frameworks.

Staffing and Logistical Challenges

The Trump administration’s ability to execute such a large volume of negotiations is further complicated by staffing shortages. Many career officials from the Office of the U.S. Trade Representative and other relevant agencies have departed since the end of the Biden administration. Alex Jacquez, a former National Economic Council official, noted that “there’s just not enough bodies in the room to be able to do some of this work, especially on this time frame.”

To address the shortfall, Trump has proposed enlisting private law firms to assist with negotiations. These firms would provide legal services pro bono in exchange for avoiding potential restrictions the administration has threatened against firms representing clients or causes Trump opposes. However, former trade officials have raised concerns about potential conflicts of interest and the lack of precedent for such arrangements.

Key Negotiation Targets

Among the most high-profile negotiations are those with China and the European Union. Trump has expressed confidence in reaching a deal with China “very soon” and has stated there is a “100%” chance of an agreement with the EU before the tariff pause expires. Talks with the EU have included meetings with the bloc’s trade chief, although Trump has not yet met with European Commission President Ursula von der Leyen.

Italy’s Prime Minister Giorgia Meloni, during a visit to the White House, voiced support for a deal, saying, “I’m sure we can make a deal, and I’m here to help with that.” Trump also reported “big progress” in talks with Japan and described a recent call with Mexican President Claudia Sheinbaum as “very productive.”

Market Reaction and Volatility

The 90-day pause on tariffs has contributed to a temporary easing of market tensions. The U.S. dollar and equity markets have shown resilience, with the S&P 500 gaining 8% and the DXY index rising 3% since November 2024. Analysts attribute this stability to delayed retaliatory tariffs, sector-specific exemptions, and the perception of progress in trade talks.

However, the calm may be short-lived. The European Union has postponed imposing tariffs of up to 200% on U.S. goods until July 2025, while the U.S. has delayed its own retaliatory measures. If no agreements are reached by then, a new wave of tariffs could reignite market volatility.

Scope of Potential Agreements

While the administration has not disclosed how many deals it expects to finalize within the 90-day window, officials have indicated that not all agreements will be comprehensive. Bessent noted that some may be “agreements in principle,” with details to be worked out later. He also emphasized the difficulty of addressing non-tariff barriers, which he described as “more insidious” and harder to identify.

One strategy under consideration involves securing commitments from countries to purchase specific U.S. goods, such as agricultural products or industrial equipment. While such deals could be reached quickly, they may not address broader trade imbalances or structural barriers.

Political and Strategic Context

The trade push comes as Trump seeks to reassert U.S. leverage in global commerce through his “reciprocal tariff” strategy. Since early April, the administration has raised tariffs on Chinese goods to 145% and threatened further increases. China has responded with targeted tariffs on U.S. exports such as chicken and logs but has avoided broader escalation.

The administration’s approach has shifted from unilateral tariff threats to bilateral negotiations, a pivot that has helped calm investor fears of a full-scale trade war. Still, the compressed timeline and limited institutional capacity raise questions about how many substantive deals can be achieved before the tariff pause expires in early July.

References

• Trump Races to Finalize 75 Trade Deals in 90 Days | Fingerlakes1.com
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