Global trade faces Trump's midnight tariff deadline
The last-gasp scramble to strike bilateral accords came as an appeals court in Washington considered the legality behind Trump's strategy of invoking emergency economic powers to declare sweeping duties on imports.
The 79-year-old Republican doubled down on his wide-ranging levies, posting on Truth Social: "Tariffs are making America GREAT & RICH Again."
He insisted in a separate post that the world's biggest economy would have "no chance of survival or success" without protectionist measures.
But question marks linger over the effectiveness of Trump's plans – and whether he will really follow through on his most dramatic threats.
Hours before his declared deadline, Trump announced that he was delaying a tariff hike on Mexican products, originally due Friday, for 90 days after talks with counterpart Claudia Sheinbaum.
White House Press Secretary Karoline Leavitt said Trump will sign an executive order Thursday to implement his various threatened tariffs.
Other road bumps remain.
While Trump has touted a surge in customs revenues this year, economists warn the duties could fuel inflation.
And the US Court of Appeals for the Federal Circuit was hearing arguments Thursday in cases brought against Trump's blanket tariffs targeting various economies.
A government lawyer told the court that Trump's tariff orders were covered by "broad discretion" he enjoys when handling national emergencies – including pressing economic issues.
A lower court's ruling had blocked most of the duties from taking effect, prompting the Trump administration's challenge. The duties have been allowed to remain for now.
So far, Washington has announced pacts with Britain, Vietnam, Japan, Indonesia, the Philippines, South Korea and the European Union. New rates negotiated were expected to take effect Friday.
South Korea squeezed in an agreement on a 15 per cent tariff, down from 25 per cent that Trump initially threatened.
But Trump announced 50 per cent tariffs on Brazilian products – although delaying their imposition and allowing key exemptions – as an effort to pressure the country to drop its prosecution of right-wing former president Jair Bolsonaro on coup charges.
He also unveiled a 25 per cent levy on Indian imports, and warned Canada of trade repercussions for planning to recognise a Palestinian state.
And the details of agreements that have been made remain vague.
The EU, while having reached a pact, continues seeking a carve-out for its wine industry.
Looming over the global economy is also the unresolved trade tussle between the United States and rival China, with the superpowers in talks to maintain a truce after initially imposing triple-digit tariffs on each other.
Washington has yet to strike a deal with neighbouring Canada, while Trump said he would maintain 25 per cent duties on Mexican imports for now.
"We haven't spoken to Canada today," Trump said Thursday, adding that Washington has "made a few deals today," without providing specifics.
US-Canada ties came under renewed threat after Prime Minister Mark Carney announced plans to recognize a Palestinian state at the UN General Assembly in September.
"That will make it very hard for us to make a Trade Deal with them," Trump warned on social media.
Carney said Wednesday that both countries "may not conclude talks by August 1st."
Goods covered by a North American trade pact have been excluded from Trump's recent tariffs.
Although Mexico and Canada were not originally targeted under Trump's "reciprocal tariff" plan, he had separately threatened them with the same Friday deadline.
The tariff hikes due Friday were announced in April when Trump slapped a 10 per cent levy on goods from almost all partners – citing unfair trade practices.
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