The Trump administration is urging its trade partners to submit their best offers by Wednesday, as officials look to fast-track negotiations with multiple countries ahead of a tight, self-imposed five-week deadline.

This push, detailed in a draft letter comes from the U.S. Trade Representative’s (USTR) office and offers a peek into how President Trump plans to wrap up sprawling trade talks that began April 9. That’s when he paused his controversial “Liberation Day” tariffs for 90 days following turmoil in global stock, bond, and currency markets.

The draft indicates a growing urgency inside the administration to strike deals quickly. While top officials like White House economic adviser Kevin Hassett have repeatedly said several agreements are nearly complete, so far only one has been reached with a major U.S. trade partner – the UK. And even that appears to be more of a framework for future discussions than a finalized agreement.

In the letter, the U.S. is asking countries to share their most competitive proposals across several areas – chief among them being tariff and quota offers for U.S. industrial and agricultural products, as well as plans to address non-tariff trade barriers. The draft also calls for commitments on digital trade, economic security, and specific country-level agreements.

It is however not yet clear which countries are receiving the letter, but it appears targeted at nations with active talks already underway, including those involving document exchanges and official meetings. Washington has been in such negotiations with the EU, Japan, Vietnam, and India, among others.

A USTR spokesperson confirmed that talks are moving forward.

“Productive negotiations with many key trading partners continue at a rapid pace. It’s in everyone’s interest to take stock of where things stand and figure out next steps,” the official said.

Despite the push, legal battles over the administration’s tariff strategy loom large.

Tiffany Smith, VP of global trade policy at the National Foreign Trade Council, welcomed the momentum.

“We’re encouraged to see USTR moving these discussions forward. If done right, deals that lower barriers for U.S. companies abroad and reduce tariffs here at home could be a win-win—restoring some predictability and stability to international trade,” she stated.

Tariffs have been a key pillar of Trump’s “America First” agenda, aimed at reshaping U.S. trade relationships, cutting deficits, and protecting domestic industries. Some Republicans are also counting on the revenue from tariffs to help balance the cost of ongoing tax reforms.

But the road hasn’t been smooth. Investors have been on edge for months, with global markets reacting sharply to Trump’s tariff threats. While May saw a strong rally in U.S. stocks (the best since November 2023) it came only after a rough ride through February, March, and early April. On Monday, markets stayed mostly flat even after Trump announced a surprise hike in tariffs on steel and aluminum during an event in Pittsburgh.

Meanwhile, Trump’s authority to impose some of the broadest tariffs is being challenged in court. Last week, the U.S. Court of International Trade ruled that he may have overstepped by using the International Emergency Economic Powers Act (IEEPA) to justify certain levies including the “Liberation Day” tariffs and others targeting Canada, Mexico, and China for allegedly allowing fentanyl trafficking into the U.S.

An appeals court temporarily blocked that ruling less than 24 hours later, meaning the contested tariffs remain in place at least for now.

Still, the draft letter warns trade partners not to count on the courts overturning the tariffs:

“Regardless of ongoing litigation concerning the President’s reciprocal tariff actions, the President intends to maintain this tariff program under alternative legal authorities if necessary,” the letter reads. “So it’s important we continue our discussions.”

White House Nearing Completion on Key Trade Deals, Says Treasury Official

Meanwhile Deputy Treasury Secretary Michael Faulkender said Monday that the Trump administration is making solid progress on several trade negotiations and is “close to the finish line” on a few of them.

However, concerns over renewed tensions between the U.S. and China weighed on stock markets Monday, with major indexes opening lower. Although last month’s negotiations in Switzerland had suggested a cooling of the trade dispute, tensions spiked again last week. The Trump administration accused China of backtracking on its earlier commitment to resume exports of critical minerals to the U.S.

In response, China denied the accusation and pointed to recent U.S. actions, such as tightening visa rules for Chinese students, as violations of the Geneva understanding.

National Economic Council Director Kevin Hassett said Sunday that President Trump and China’s President Xi Jinping may hold a direct conversation as early as this week, signaling a possible attempt to ease frictions at the highest level.

Trump’s Tariff Threat. Holding Global Trade Hostage?

By all accounts, the Trump administration’s latest round of trade negotiations has become a countdown, one where global partners are being strong-armed into “best offers” before a fast-approaching self-imposed deadline.

Deputy Treasury Secretary Michael Faulkender’s comments about being “close to the finish line” on some deals might sound optimistic, but beneath the surface, the real story is more complex and troubling.

Back in April, President Trump hit the pause button on sweeping “reciprocal” tariffs for 90 days. Markets had panicked. Bonds, stocks, and currencies all tumbled under the weight of unpredictable trade threats. The administration temporarily calmed nerves by offering trading partners a window to come to the negotiating table. But that olive branch came with a ticking clock and an implicit threat: sign a deal, or face the tariffs.

This isn’t negotiation in the traditional sense. It’s economic brinkmanship, where countries are being asked to bargain under duress. It’s a strategy that’s increasingly starting to look like global trade is being taken hostage.

So far, just one partial agreement (with the UK) has materialized. Yet the administration insists it won’t extend the July 9 deadline. For dozens of countries in the crosshairs, the message is  – comply quickly or suffer the consequences.

And while American officials claim this urgency is about reaching “win-win” outcomes, the context is far murkier. These deals are not about mutual benefit so much as they are about political optics. Trump is racing against the clock to prove that his “America First” approach works even if that means upending decades of trade diplomacy in the process.

Trump’s tariff playbook is less about policy and more about power. It’s designed to jolt countries into submission, disrupt trade norms, and project strength to a domestic audience. But in doing so, it creates instability, erodes trust, and throws markets into turmoil – from critical minerals with China to agricultural quotas with Europe, no sector is safe from the shockwaves.

In essence, the global trading system is being forced to adapt not through consensus, but through compliance. The unpredictability of U.S. trade policy under Trump has made it nearly impossible for allies and rivals alike to plan long-term. Deals are negotiated under pressure. Disputes are handled with threats. And deadlines are set not by diplomatic consensus, but by political convenience.

This is not the foundation of a stable global economy. It’s a warning.

Trump’s tariff conundrum is volatile, unilateral, and relentless and is less about fair trade and more about leveraging economic might as a weapon. If global trade starts to look like a hostage situation, it’s because the rules are being rewritten with intimidation at their core and the world is watching nervously which way this might go!