Countries given Wednesday deadline for their ‘best offers’ to avoid tariffs: report

The Trump administration has reportedly asked other countries to present their best offer for a new trade deal by Wednesday as it races to meet its own self-imposed negotiating deadline.

When Donald Trump unveiled his steep "Liberation Day" tariffs in early April, it set off deep alarm throughout the world and roiled the markets.

One week later the White House was forced into a U-turn, pausing the heaviest tariffs for 90 days while it worked to secure more favorable trade deals.

But now, with only five weeks to go until the deadline — and Trump himself furious over Wall Street's wisecracks about him "always chickening out" — it seems that U.S. negotiators are eager to get to yes.

According to Reuters, a draft letter from the United States Trade Representative asks negotiating partners to list their best proposals in various key areas by Wednesday June 4.

Specifically, it reportedly asks for any proposals about tariffs, plans to remedy non-tariff trade barriers, commitments on digital trade, and quotas to buy U.S. goods.

Officials will evaluate these proposals within days, the letter says, and then offer a "possible landing zone" for a deal.

It further warns negotiating partners against holding out for a court to strike down Trump's tariffs, declaring that he "intends to continue this tariff program" by whatever legal means available.

A spokesperson for the Trade Representative told Reuters: "Productive negotiations with many key trading partners continue at a rapid pace. It is in all parties’ interest to take stock of progress and assess any next steps."

The Independent has asked the Office of the Trade Representative for comment.

Trump's original slate of tariffs was both radical and seemingly arbitrary, in some cases slapping stiff taxes on tiny islands that are uninhabited by human beings and export no goods.

The rationale for these duties was also murky, with Trump aides sometimes claiming they were a permanent measure to reshape the global economy and sometimes insisting they were simply a negotiating tactic.

Since then, officials have made conflicting claims about how those negotiations are proceeding. National Economic Council director Kevin Hassett said last month that he'd been briefed on 24 deals that were "close to being resolved", while Trump himself told TIME that he'd "made 200 deals" — even though there are only about 195 countries in the entire world.

All of which puts Trump in a difficult spot. If he reimposes the same tariffs, markets could be once again plunged into chaos — including bond markets, which influence how much it costs the U.S. government itself to borrow money.

Yet if he extends the deadline once again, it could vindicate a Wall Street slogan that has sorely infuriated Trump: "TACO", which stands for "Trump Always Chickens Out".