This is supposed to be the week — this Wednesday indeed — when the Trump administration said it would announce the completion of 487 tariff agreements accounting for every nation, tropical island spec in the Pacific and a few celestial bodies in the cosmos that does business with the United States. That of course excludes Russia, North Korea and Iran, which are free to export to our country without any trade barriers as there are no tariffs in play for these great U.S. allies.
Given that a grand total of three deals have been announced so far — at least I think it’s three — it means negotiators have to complete all the rest in about 48 hours. Trump-types say several big ones are expected to be announced before the July 9th cut-off but curiously no one is even faintly suggesting all the rest will get done. Our fearless leader himself is talking about sending letters (are these really actual letters on White House stationery hand-signed and stamped?) to all of these parties with new rates that could be anywhere between ten thousand percent and nothing. (China, by the way, has a separate deadline sometime next month and we can expect a similar reality once that date arrives.)
What’s the takeaway in all of this? First and foremost it’s Donald Trump continuing to make the world dance around him and being the only one who can decide what will actually happen. It’s also more of everyone from the EU to India (let’s not forget NATO and CBS) all sucking up to him, being extorted to the tune he is playing.
But on a less cerebral and more actual basis, it’s more of the same for those who do business with foreign countries: uncertainty, chaos and an exorbitant amount of time spent dealing with this rather than with running their companies, trying to grow them and create jobs for Americans.
Chances are, there will be more deadlines thrown out there…more deadlines to be extended, extorted and eventually ignored. Even if by some miracle agreements are reached, who’s to say they will stick and the playing field won’t be changed again? Only one person can say that — and history suggests he doesn’t consider any of this carved in stone…more like carved in Jell-O.
Anybody remember what their lives were like before they had to worry about tariffs? It’s getting harder and harder to recall. This week won’t help that process at all.
WarrensReport 