Trump’s Trade Agenda Falters: Only Three Deals Finalized as August Deadline Nears

WASHINGTON — President Donald Trump’s ambitious promise to finalize 200 trade deals has fallen far short, with only three agreements — with China, the United Kingdom, and Vietnam — officially announced more than two months past his self-imposed 100-day milestone.

With a revised deadline now set for August 1, the administration is scrambling to show progress, especially as negotiations with the European Union inch toward a potential breakthrough.

Trump Shifts Rhetoric as Original Deadline Passes

Originally, Trump gave trading partners until July 9 to strike bilateral agreements or face sweeping new “reciprocal” tariffs. But the president’s decision to delay those penalties, hoping to spur negotiations, left little time for meaningful progress, administration sources told CNN.

Facing limited results, Trump has pivoted from touting completed deals to threatening new tariffs through formal letters sent to U.S. trading partners. These actions, aides say, are meant to show forward momentum as high-stakes negotiations continue.

European Union Deal on the Horizon

The most promising development involves the EU, which is nearing a framework agreement with the U.S. that could impose 10% tariffs and lay the groundwork for deeper trade talks. Treasury Secretary Scott Bessent pushed for a deadline extension to accommodate the EU talks and several other near-final negotiations.

While the agreement is not yet finalized, EU officials confirmed that negotiators are in active discussions with U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. An official announcement could come by the end of the week.

Trump’s stance on the EU has shifted notably in recent weeks. After a public threat in late May to slap 50% tariffs on European goods, both sides accelerated their efforts to avoid a trade war. Behind closed doors, EU officials have been briefing member states on the proposed deal, urging unity to prevent the looming tariffs scheduled for August 1.

Sticking Points: Autos, Steel, and Sectoral Exemptions

U.S. negotiators continue to resist EU requests for exemptions from existing or planned sectoral tariffs, particularly those targeting autos and steel. Reducing Trump’s 25% auto tariff and a 50% levy on steel remains central to the talks.

Still, U.S. officials have signaled openness to adjust tariffs on select EU goods — including aircraft, alcoholic beverages, and some farm exports — pending the president’s final approval.

The EU, in turn, has committed to increasing purchases of American energy and defense products. But if no deal is reached, the bloc plans to activate retaliatory tariffs on U.S. goods starting July 14 — though that deadline may shift following Trump’s extension.

“There are limits to the bloc’s patience,” Denmark’s Minister of European Affairs Marie Bjerre warned the European Parliament on Wednesday.

Trump Frustrated by Lagging Progress

In a cabinet meeting Tuesday, Trump expressed frustration with the slow pace of negotiations and the nature of offers coming from foreign partners.

“They say: ‘You can sell anything to us tariff-free — just don’t charge us,’” Trump said. “We don’t like that deal.”

This week, the White House began sending letters to Japan and South Korea imposing 25% tariffs, with more letters expected to follow.

India, Japan, and South Korea Talks Stalling

While India was once seen as a likely early partner, its negotiators have taken a tougher stance in recent days, complicating prospects for a deal. India’s membership in the BRICS alliance has also muddied talks, especially after Trump floated a 10% tariff targeting all BRICS nations.

South Korea, too, was considered close to finalizing an agreement. But negotiations have stumbled over U.S. auto tariffs, and a new letter sent Monday may further delay progress.

Japan appears to be backing away from a deal altogether. Prime Minister Shigeru Ishiba said Tuesday that, despite “earnest and sincere discussions,” the U.S. government’s tariff moves have made a deal unworkable.

Southeast Asia and Brazil Push for Deals

In contrast, Southeast Asian nations — including Indonesia, Cambodia, and Thailand — have stepped up their offers in hopes of reaching agreements before the August 1 deadline.

Brazil is also accelerating its efforts, engaging in bilateral talks last week and proposing steep tariff cuts on certain U.S. exports.

Yet a consistent source of friction remains: foreign officials say they still don’t fully understand what the U.S. expects in a final deal. The lack of clear parameters, combined with the looming threat of sector-specific tariffs on autos, steel, and pharmaceuticals, continues to stall progress.

Outlook: Pressure Builds as August 1 Approaches

With only a handful of trade deals finalized and dozens more in limbo, Trump’s trade strategy faces mounting pressure. The coming weeks will test whether his tariff threats will force more countries to the table — or trigger a broader wave of retaliatory measures that could hurt U.S. exporters.

For now, all eyes remain on the European Union, where a pending deal could signal either a breakthrough or another missed opportunity in the president’s faltering push to reshape global trade.