WASHINGTON, United States (US): President Donald Trump’s aggressive trade overhaul is falling short of expectations, with just three deals materialising from a promised “90 in 90 days” blitz.
Trump’s second-term strategy of sweeping tariffs – announced in April – was meant to pressure foreign partners into swift trade pacts.
But as of the July 9 deadline, only the UK, Vietnam and a temporary easing with China have responded.
The president has now pushed the deadline to August 1, his second delay.
The extension has reignited the so-called “TACO Theory” – Trump Always Chickens Out – a Wall Street moniker poking fun at his tendency to retreat when markets wobble.
Trump bristled at the label, insisting this week: “I didn’t make a change. A clarification, maybe.”
To counter criticism, Trump released over 20 letters this week dictating new tariff terms to leaders in Japan, South Korea, Indonesia and others, urging them to engage with “the Number One Market in the World”.
Letters were also sent to the EU, Canada, Mexico and Brazil, though not all were previously on the tariff list.
“This is Trump trying to shed the TACO label,” said Inu Manak of the Council on Foreign Relations. “He wants to show he’s serious, not just punting the deadline again.”
But results remain limited.
“Three deals, with only one made public, is too small,” said William Reinsch, senior adviser at the Center for Strategic and International Studies. “Without visible wins, voters may decide the pain from tariffs wasn’t worth it.”
Trump’s messaging has shifted from “foreigners pay” to “short-term pain for long-term gain”, a harder sell politically.
Meanwhile, he’s announced a 50 per cent tariff on copper imports and hinted at pending action on semiconductors and pharmaceuticals – timed to coincide with the August 1 deadline.
“Tariffs aren’t top-of-mind for voters – unless prices rise,” said Emily Benson of Minerva Technology Futures. “But if inflation ticks up or markets react poorly, people will notice.” – AFP
