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Tariffs Now, Deals Later: Trump’s Game Play

Tariffs Now, Deals Later: Trump’s Game Play
President Donald Trump speaks at the National Republican Congressional Committee's President's Dinner at the National Building Museum in Washington on April 8, 2025. Saul Loeb/AFP via Getty Images
Li Li
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Commentary President Donald Trump didn’t tiptoe back into the White House in 2025—he stormed in, unleashing tariffs on what he dubbed “Liberation Day,” April 2: 10 percent on all imports, 54 percent on China, 46 percent on Vietnam, 20 percent on the European Union (EU), and a sliding scale for others.
Trump has crowned himself king of dealmakers, claiming that everything is negotiable, from steel to soybeans to wars, if he is at the table. He is betting that the United States’ economic heft can bulldoze the world into submission—maybe through negotiation. China is snarling back, but Trump is cranking the dial, slapping another 50 percent on Chinese goods on April 7 and pushing tariffs to 104 percent, then 145 percent. Trump says China “badly” wants to talk but can’t find the phone.
Li Li
Li Li
Author
Li Li, CFA, CIPM, CFP®, is an adjunct professor in the M.S. in Financial Planning program at New York University and a wealth management advisor at Forest Hill Financial Group. She studied economics at Rutgers University and the University of California–San Diego, has taught economics at Pace University, and previously served as a strategist and analyst at AT&T. She can be reached at [email protected]