Trump Set to Unveil First Major Trade Deal This Thursday

(The Center Square) – President Donald Trump intends to unveil his initial trade agreement with another country on Thursday following his recent disruption of the international trade framework through the imposition of tariffs last month.

On April 2, Trump introduced increased tariffs on various foreign nations and referred to this day as "Liberation Day" for American commerce. He then halted these elevated tariff rates for a period of 90 days starting from April 9, allowing his trade negotiators to work out agreements with other countries.

Trump said he'd make the announcement at 10 a.m. Thursday in the Oval Office.

He stated that it was "related to a HUGE TRADE AGREEMENT WITH ENVOYS FROM A LARGE, AND GREATLY REVERED, NATION. THE FIRST OF COUNTLESS!!!'

On April 9, when Trump briefly halted the increased tariffs, he maintained a base tariff of 10%. Additionally, he left untouched the 25% levy on imported automobiles and car components as well as the 25% duties on foreign steel and aluminum.

Trump also hit China with 145% tariffs. China retaliated with 125% tariffs on U.S. goods. Those remain in place, although the two nations are set to begin talks this weekend.

Economists, corporations, and numerous publicly listed firms have cautioned that tariffs might increase costs for a broad array of goods purchased by consumers.

Trump has said he wants to use tariffs to restore manufacturing jobs lost to lower-wage countries in decades past, shift the tax burden away from U.S. families, and pay down the national debt.

A tariff represents a tax imposed on products as they are brought into a country. The party responsible for importing these goods bears this tax burden and may choose to cover the expense themselves or offset their losses by increasing product prices for buyers.