Trump Administration's Trade Policy: Tariffs and Feuds Abound

The Trump administration's trade policy is facing heightened scrutiny as the July 9 deadline for the 90-day tariff pause approaches. Treasury Secretary Scott Bessent has reignited his feud with Elon Musk, arguing that the White House's "90 deals in 90 days" promise was met, but only in the form of tariffs imposed on U.S. trading partners. Bessent's comments come as the administration readies to impose "reciprocal" tariffs on nations that have not agreed to new trade deals, including China, the U.K., and Canada.

Key Takeaways:

• The Trump administration is set to impose "reciprocal" tariffs on U.S. trading partners that have not agreed to new trade deals, including China, the U.K., and Canada, following the end of a 90-day tariff pause.
• Treasury Secretary Scott Bessent argued that the White House's "90 deals in 90 days" promise was met, but only in the form of tariffs imposed on U.S. trading partners.
• Bessent's comments came during an interview with CNN, where he also defended the administration's tariffs, claiming they constituted the "deals" promised by the White House.
• The administration is currently negotiating with the EU, which is seeking to avert a massive tariff hike.
• The average tariff on goods from the EU imported to the U.S. was 2 percent before the president's re-election, but Trump has threatened to mark up tariffs as high as 50 percent.
• Elon Musk, a former appointee to the administration, has publicly criticized the White House's trade policy and has threatened to fund primary challenges against Republicans who voted for a legislative package endorsed by Trump.
• The "big, beautiful bill" endorsed by Trump is projected to add trillions to the national debt over 10 years, according to eviscerated fiscal forecasts.

Statistics:

• 90% of the U.S. trading partners that were discussed in the 90-day pause did not materialize in new trade deals.
• 5 of the U.S. trading partners agreed to new export controls and removed previous restrictions, including China.
• Average tariff on goods from the EU imported to the U.S. was 2% before Trump's re-election.
• Trump has threatened to mark up tariffs as high as 50% on EU exports.

Sources:

• CNN Interview with Treasury Secretary Scott Bessent
• CNN Report: "EU locked in Trump trade talks as 'Liberation Day' tariff deadline looms"
• Trump's original trade advisor speech on Fox Business.
• CNN Report: "Tesla's historic decline under Elon Musk in seven charts"