Trump administration returns to trade, tariff uncertainty — and no new deals

Following the passage of its tax cut and spending bill last week, the Trump administration promised more trade deals

Following the passage of its tax cut and spending bill last week, the Trump administration promised more trade deals.

Instead, it’s been a return to chaos.

So far this week, President Donald Trump has warned he plans to impose 50% tariffs on copper-based goods by Aug. 1, his new deadline for countries to come to the table and negotiate. That sent copper prices to all-time highs. He also said pharmaceutical products could face duties as high as 200%, though firms would have as long as 18 months to prepare.

Meanwhile, Treasury Secretary Scott Bessent indicated he expected to announce new trade pacts by midweek, while dozens of other countries would be receiving letters laying out tariff proposals.

“We are close to several deals as always,” Bessent said on CNN’s “State of the Union” Sunday. “There’s a lot of foot-dragging on the other side, and so I would expect to see announcements over the next couple of days.”