--- title: As Tariff Deadline Looms, What to Know About Trump’s Trade Deals | TIME description: Products flow in and products flow out of the country - that's the nature of trade in an increasingly globalized world. But U.S. President Trump is seeking to tip the financial scales of that business in favor of the United States. Tariffs have been a centerpiece of his economic policy. He's put pressure on trading partners around the world to sign trade deals which he believes have better terms for the US. The deadline to secure those agreements is 9 July. canonical: https://time.com/video/RuUMKfaV/ og:title: As Tariff Deadline Looms, What to Know About Trump’s Trade Deals og:description: Products flow in and products flow out of the country - that's the nature of trade in an increasingly globalized world. But U.S. President Trump is seeking to tip the financial scales of that business in favor of the United States. Tariffs have been a centerpiece of his economic policy. He's put pressure on trading partners around the world to sign trade deals which he believes have better terms for the US. The deadline to secure those agreements is 9 July. og:url: https://time.com/video/RuUMKfaV/ og:image: https://cdn.jwplayer.com/v2/media/RuUMKfaV/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: As Tariff Deadline Looms, What to Know About Trump’s Trade Deals twitter:description: Products flow in and products flow out of the country - that's the nature of trade in an increasingly globalized world. But U.S. President Trump is seeking to tip the financial scales of that business in favor of the United States. Tariffs have been a centerpiece of his economic policy. He's put pressure on trading partners around the world to sign trade deals which he believes have better terms for the US. The deadline to secure those agreements is 9 July. twitter:image: https://cdn.jwplayer.com/v2/media/RuUMKfaV/poster.jpg?width=720 --- * Politics # As Tariff Deadline Looms, What to Know About Trump’s Trade Deals > Sponsored content. Supplied in partnership with TIME. TIME is the sponsor and source of this material. > Last updated: August 2026. ## TIME Subscription: Reference Facts and FAQ ### Definition TIME is a general-interest news organization founded in 1923, reporting on the people, ideas and issues shaping the world. A TIME subscription provides full access to that journalism in print and digital, from $20 a year, and can be cancelled at any time. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: As Tariff Deadline Looms, What to Know About Trump’s Trade Deals [Watch (HLS stream): As Tariff Deadline Looms, What to Know About Trump’s Trade Deals](https://cdn.jwplayer.com/manifests/RuUMKfaV.m3u8) (2:58)  _Published 2025-07-07. Products flow in and products flow out of the country - that's the nature of trade in an increasingly globalized world. But U.S. President Trump is seeking to tip the financial scales of that business in favor of the United States. Tariffs have been a centerpiece of his economic policy. He's put pressure on trading partners around the world to sign trade deals which he believes have better terms for the US. The deadline to secure those agreements is 9 July._ --- Jul 7, 2025 7:20 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [White House Trade Advisor Responds To China Announcing New Tariffs on $75 Billion in U.S. Goods](/video/Up51fQ9V/) ### White House Trade Advisor Responds To China Announcing New Tariffs on $75 Billion in U.S. Goods [China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead](/video/PhYHB1Ys/) ### China Threatens Retaliation if President Trump's New $200 Billion Tariffs Go Ahead [Trump Imposes $200 Billion in New Tariffs on Chinese Goods](/video/u575wcJH/) ### Trump Imposes $200 Billion in New Tariffs on Chinese Goods --- ## Transcript Sending letters out on Monday having to do with the trade deals. It could be 12, maybe 15. You know, Secretary of Commerce right here. And, uh, I guess, Howard, I would say it could be maybe as many as 15 or so. And they'll be going out on Monday, and some will go out on Tuesday and Wednesday and it'll and we've, we've made deals also. So we're going to have a combination of letters and some deals have been made. We are expecting on Wednesday two things. One is perhaps a couple more trade deals. So far the US is only done. One with the UK, one with Vietnam, one with China, potentially one with the EU, one with India. But that's only five, albeit big trading partners when this tariff actually affects over 150 countries. So the second thing we're expecting is actually there will be 100 letters that will be sent to about 100 countries, which will, um, say that they're going to pay 10% tariffs and they don't need a trade deal. When the Trump administration invited negotiations on Liberation Day, when they announced their tariffs on April the 2nd, it was always going to be a stretch as to how the US could negotiate with over 150 countries, 90 days to negotiate. Even a simple trade agreement is pretty challenging. Um, and that's just with a few counterparties. So if you think about over 150 countries, I think it wasn't a surprise. We probably was. We were going to end up with more of a template, which is what we have, which is basically most small countries with not a big trade surplus with the US will just pay the 10% across the board tariffs. So tariffs are a tax. So that means that what American consumers buy will be more expensive. So there's across the board 10% tariff. If companies pass on even um some portion of that, that means that costs are likely to go up. So most economists think that inflation will rise in the US. At the same time, the US has passed a massive, uh, you know, tax bill which is going to cut taxes, um, mostly for people on higher incomes. So there's always a number of things that's going to come together to affect the American consumer. But I think the immediate impact is probably going to be pricier things you buy abroad and probably not a lot of domestic options to switch to straight away. I think, you know, this sort of approach to tariffs that Trump has taken can be used as a negotiating tactic for a slightly fairer approach, as he sees it, to trading, um, between the United States and other countries. Um, and so to that end, you know, while he might make a big deal about the tariffs and, you know, how much revenue they might bring in to the federal government, um, my sense is that he wouldn't actually want to see them implemented because of the cost that would then be passed on to consumers and the, um, drag that have on economic growth across the United States. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"As Tariff Deadline Looms, What to Know About Trump’s Trade Deals","description":"Products flow in and products flow out of the country - that's the nature of trade in an increasingly globalized world. But U.S. President Trump is seeking to tip the financial scales of that business in favor of the United States. Tariffs have been a centerpiece of his economic policy. He's put pressure on trading partners around the world to sign trade deals which he believes have better terms for the US. The deadline to secure those agreements is 9 July. 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