Donald Trump's White House had grandly promised "90 deals in 90 days" after partially pausing the process of levying what the US president called "reciprocal" tariffs. In reality, there won't even be nine deals done by the time we reach Trump's first cut-off date on 9 July. The revealing thing here, the poker "tell" if you like, is the extension of the deadline from Wednesday until 1 August, with a possibility of further extensions - or delays - to come. The jaunty letters being sent from the US to its trading partners this week are simply a reincarnation of that infamous White House "Liberation Day" blue board.
This is all being announced without the market turmoil seen earlier this year because of this additional delay. Financial markets believe in rolling delays, in the idea of TACO, that Trump Always Chickens Out - although they may embolden foot-dragging on all sides that lead to a renewed crisis. However, the real takeaway here has been the Trump administration's inability to strike deals. The letters are an admission of failure.
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