AIRR - Weekly Market Pulse: Extension Day?

2025-06-09 05:18:00 ET

In about five weeks, the pause on President Trump’s “liberation day” tariffs will expire. So far, the US has come to an agreement, of sorts, with exactly one country – the UK. That outline of an agreement so far doesn’t mean anything because the full terms haven’t been agreed to nor implemented. In other words, we don’t yet have a trade deal with the UK. When Trump raised steel and aluminum tariffs to 50% recently, he did exempt the UK, but the previously imposed 25% tariffs are still in place despite the fact that the “agreement” would eliminate them. So while it is tempting to say one down, 89 to go, the reality is that since the tariffs were paused on April 9th, the administration has accomplished exactly nothing. Nada. Doodly-squat. Not one deal signed. Does anyone think they can strike binding trade deals with 90 countries in the next 32 days? Of course, they can’t. Trade deals have, in the past, taken roughly 3 years on average to negotiate and sign into law – and some have taken a lot longer....

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