Tariff Uncertainty Looms Over Trump's First 100 Days as Key Deals Stall

Tariff Uncertainty Looms Over Trump's First 100 Days as Key Deals Stall

DECK

Conflicting signals from the White House deepen confusion; markets and lawmakers brace for a turbulent summer.

KEY FACTS

1. What: Tariff strategy and major policy items remain unresolved.

2. Where: Washington, D.C., with global ripple effects.

3. When: Trump's first 100 days back in office, culminating Tuesday.

4. Why: Contradictory statements and shifting priorities from Trump and his aides.

5. Impact: Declining approval ratings, stalled trade negotiations, and delayed legislative action.

SITUATION SNAPSHOT

On the eve of President Trump's 100th day in office, a fog of uncertainty hung over Washington, unsettling markets and frustrating foreign allies. Bold promises of swift action have instead given way to a series of conflicting messages, particularly on the contentious issue of tariffs.

WHAT WE KNOW

• Tariffs have emerged as the most pressing and volatile issue in Trump's early agenda, with few concrete outcomes.
• Trump's approval ratings have notably slid, particularly following his "Liberation Day" tariff announcement on April 2.
• Negotiations with key trading partners, including China and South Korea, show minimal progress.
• Treasury Secretary Scott Bessent characterized the administration's unpredictable strategy as "strategic uncertainty."
• Despite promises of rapid action, key legislative initiatives, including tax reforms, are lagging in Congress.

WHAT’S NEXT

The coming weeks will be critical as Trump’s team attempts to bring coherence to trade talks. A key Senate vote on Tuesday aims to confirm Kenneth Kies as assistant secretary of the Treasury—a move seen as foundational to eventual tax legislation. Meanwhile, foreign leaders and U.S. lawmakers alike are preparing for drawn-out negotiations likely stretching into the summer.

VOICES ON THE GROUND

"I've made 200 deals," Trump asserted during an interview with Time last week.
Two days later, he tempered expectations, telling reporters it would be "physically impossible" to complete many negotiations by July's deadline.
In weekend remarks, Trump also hinted at a broader tax strategy tied to tariffs, stating, "we're going to be taking in a tremendous amount of money."
Treasury Secretary Scott Bessent explained on ABC, "in game theory, it's called strategic uncertainty."
House Speaker Mike Johnson had promised a swift legislative rollout, declaring, "We'll have legislation prepared for him to sign into law," just five days before Trump’s second inauguration.

CONTEXT

Trump’s expansive use of executive orders has sharply contrasted with the sluggish progress seen when collaboration with Congress or foreign governments is required. His strategy of maximizing unilateral action—lauded during his "Liberation Day" announcement—has faced stiff resistance both domestically and abroad.
South Korea, once expected to rapidly secure a new trade deal, now signals little hope for agreement before their June elections.
Similarly, the administration’s shifting rhetoric has rattled U.S. allies and sown doubt within global markets, with many recalling similar patterns from Trump’s first term.

REPORTER INSIGHT

Walking the halls of Capitol Hill this week, the air was thick with guarded optimism but laced with skepticism. Lawmakers, fresh from recess, traded cautious words about progress while acknowledging behind closed doors that expectations for sweeping achievements before summer have dramatically dimmed.