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Nearly four months after President Trump’s “Liberation Day” announcement of higher reciprocal tariff rates on major U.S. trading partners, the dust has settled and the strategy is working.
Over the last few weeks, countries have, one by one, been offering to significantly lower tariffs and non-tariff trade barriers on US goods entering their markets, while pledging significant purchases from and productive investments in the United States.
So far, these nations have included the United Kingdom, Vietnam, Indonesia, Japan and the Philippines, with more deals anticipated in the coming days.
In each case, these countries have accepted a higher base tariff rate from the United States while lowering their rates to zero or near-zero.
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