The move represents a departure from earlier declarations that promised 90 trade deals in 90 days. Instead, Mr Trump has accepted the futility of haggling with over 170 countries and has decided to act unilaterally. "How many deals can you make?" he asked rhetorically.

The president's pivot suggests a recognition that detailed trade agreements are, by their nature, slow-moving affairs fraught with resistance, both domestic and foreign. Rather than engage in protracted negotiations, he will set tariffs—often at rates between 20% and 30%—and allow nations to respond, or not, at their own peril. A few exceptions will be made: a newly minted deal with Vietnam, for instance, trims U.S. tariffs on Vietnamese goods to 20% from a previously threatened 46%, while offering American exports duty-free access in return.

Treasury Secretary Scott Bessent has elaborated on the new plan, indicating that around 100 countries will likely fall under a standard reciprocal rate of 10%. This figure falls short of the 123 jurisdictions initially envisioned for such treatment, a list that included some geopolitical footnotes such as the Heard and McDonald Islands. Still, Bessent predicts a “flurry” of agreements before a July 9 deadline, when tariffs could spike dramatically.

Major economies are not escaping unscathed. Europe faces a 20% levy, India 26%, and Japan 24%. For those refusing to engage, the penalties grow steeper still—Lesotho at 50%, Madagascar at 47%, Thailand at 36%. Britain, however, stands as a rare example of smooth negotiation, having secured a deal in May that retains a 10% rate and carves out sector-specific relief.