Trump’s ‘Dealmaker’ Image Tested Amid High-Stakes Tariff Talks

AFP/APP

Washington: President Donald Trump began his second term determined to reshape US trade policy — a goal he’s long championed — but the results so far have delivered more discord than deals.

The former real estate tycoon, who prides himself on being a consummate dealmaker, launched an aggressive tariff strategy with the bold promise of securing “90 deals in 90 days.”

The reality? Just two finalized agreements — three if a temporary truce with China is counted.

The self-imposed 90-day deadline passed on July 9, leaving dozens of countries, including the European Union, India, and Japan, facing the threat of steep tariff hikes. However, Trump extended the deadline again, this time to August 1 — his second extension since announcing the tariffs in April.

The delays have reignited the so-called “TACO Theory,” coined by a Financial Times writer, which suggests: “Trump Always Chickens Out” — a jab at his tendency to walk back policies under market pressure.

Treasury Secretary Scott Bessent, a key member of Trump’s trade team, is reportedly behind the repeated pauses. But Trump bristled at the suggestion he’d backtracked.

“I didn’t make a change. A clarification, maybe,” he told a cabinet meeting Tuesday.

In a show of defiance, Trump this week issued over 20 letters to world leaders — including those from Japan, South Korea, and Indonesia — laying out new tariff rates.

“We invite you to participate in the extraordinary economy of the United States, the Number One Market in the World, by far,” he wrote.

Similar letters were sent to the EU, Canada, Mexico, and Brazil — although Brazil was not initially targeted by the tougher “reciprocal” tariffs, and Canada and Mexico are part of a separate tariff regime.

According to Inu Manak, a trade policy expert at the Council on Foreign Relations, the letters are part of Trump’s pushback against the TACO narrative.

“He wants to prove he’s not simply delaying again but signaling that he means business,” she told AFP. “He’s likely frustrated there isn’t a parade of deals rolling in.”