With just over a week left before the end of President Donald Trump’s 90-day “Liberation Day” tariff pause, the White House finds itself under pressure—not from foreign leaders, but from time itself. Despite months of promises, only two trade deals have been finalized, while dozens remain in limbo.

Trump’s team had hoped to use the pause to finalize agreements with as many as 18 key trade partners, and potentially hundreds more after that. But now, senior officials—including Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent—are quietly signaling what’s become increasingly clear: the July 9 deadline may be dead.

“We’re going to send out a letter… We’re just going to tell them what they have to pay,” Trump said Friday, walking back previous claims that “200 deals” had been completed.

Time’s Up, but the Deals Aren’t

Back in April, Trump was confident the US would set tariff terms for countries that didn’t sign on. By May, he suggested a decision would come “in two to three weeks.” Now, as Canada trade talks collapse and tariff threats return, Trump says the US will “go very quickly” — though officials admit the process may drag into September.

Karoline Leavitt, White House press secretary, and Scott Bessent both downplayed the urgency of the July 9 deadline. Bessent told Fox Business that deals could be wrapped up by Labor Day instead.

But markets, businesses, and foreign governments may not be willing to wait.

The Economic Timing Couldn’t Be Worse

For months, the US economy appeared resilient despite gloomy consumer sentiment. But now, sentiment is rebounding—and the hard data is starting to deteriorate:

  • Consumer spending fell in May for the first time since January
  • Inflation is ticking higher, according to Friday’s Commerce Department report
  • Job growth is slowing
  • Retail sales are weakening
  • House prices are cooling

“Households are anxious about what tariff-induced price hikes will do to their spending power,” said James Knightley, ING’s Chief US Economist.

The shift comes just as businesses begin selling inventory stocked before tariffs went into effect—meaning the real pricing impact of Trump’s trade war may only now be showing up.

Higher Tariffs, Higher Risk

Trump’s team has floated setting new tariffs—up to 50%—on 20 or more countries if they fail to reach deals. But as Robert Ruggirello of Brave Eagle Wealth Management warns, “Higher prices from tariffs may be starting to work their way through the economy.”

Meanwhile, retaliation is a growing threat. If trading partners raise their own tariffs, US exports could suffer, weakening growth and hammering public finances.

“Trading partners taking retaliatory action could have a lasting impact on US output,” said Michel Nies of Citi.

The Clock Is Ticking, and Confidence Is Slipping

While the stock market remains at record highs, supported by mega-cap momentum, cracks are forming below the surface. The failure to secure broad trade agreements risks turning temporary optimism into lasting uncertainty.

“The idea that uncertainty will be resolved early this summer appears to be completely dead,” said University of Michigan economist Justin Wolfers.

The window for orderly trade realignment is closing, and Trump’s aggressive, unpredictable strategy is leaving businesses—and markets—guessing. If deals don’t start rolling out fast, the price may not just be paid by trading partners.

It may be paid by the US economy itself.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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