President Trump is playing hardball as his self-imposed trade deadline looms next week, backing away from talk of extending the 90-day pause on "reciprocal" duties.

With a week to go, he announced the framework of a trade deal with Vietnam on Wednesday. But for countries that don’t strike deals with the U.S., he is insisting on setting the tariff rate himself.

Markets are now bracing for impact before the July 9 deadline, facing volatility similar to that experienced in the wake of Trump’s April 2 declaration of new tariff rates on all major trading partners, printed on a giant poster board.

“I’m concerned about that,” said Douglas Holtz-Eakin, president of the center-right American Action Forum, referring to an April repeat. “Where he sets them is the open question. I think if he were to go back to the original level, the reciprocal tariffs for what looks to be something like 70 percent of U.S. trade, that's going to feel a lot like April 2 all over again."

“I think that was a pretty clear economic overreach that he should be careful” about repeating, Holtz-Eakin added.

Trump and his administration have spent weeks insisting that dozens of agreements were in the works and set the lofty goal of 90 deals in 90 days. Wednesday's announced Vietnam agreement, which sets the tariff rate on the country at 20 percent, comes on the heels of agreements with China and the United Kingdom, which were in the works prior to the "reciprocal" tariffs.

"President Trump pledged to use tariffs to level the playing field for American industries........

© The Hill