Overview

• Starting Monday, President Trump will dispatch letters to about a dozen trading partners outlining the return of April 2 tariff levels if new pacts aren’t reached
• Treasury Secretary Scott Bessent said several deals are close to completion, though talks with India, the European Union and Japan remain unresolved
• Countries that do not secure agreements face reinstated tariffs of 10%–50% on most imports and potential spikes up to 70% on selected goods
• Global stock markets have largely shrugged off the looming deadlines, with investors viewing any disruptions as already priced in
• The administration’s firm timetable follows earlier limited accords with the UK and Vietnam and heightens pressure after stalled negotiations elsewhere