President Donald Trump said on Friday that the US will set tariff rates for its trading partners within the next few weeks. He explained that the administration cannot negotiate trade deals with all countries at once due to limited capacity.

In a surprising turn of events, President Trump on Thursday said India has offered to drop tariffs on US goods as part of a potential trade deal.

Trump's latest tariff pause has Wall Street reeling back its recession calls. Discussion of an economic downturn later in 2025 had surged as economists argued Trump's widespread tariffs would boost inflation and slow economic growth.

US stock futures backed off on Tuesday as economic worries replaced US-China trade truce euphoria in the wait for the latest US consumer inflation report to reveal the impact of tariffs.

Market watchers have labeled the new U.S.-China deal to temporarily cut tariffs “better than expected,” “more workable” and even a “dream scenario” — and are expecting more near-term relief for investors. Under the deal, so-called reciprocal tariffs will drop from over 100% to 10% on both sides.

Britain is set to sign a trade deal with the U.S., making it the first country to do so after the world’s largest economy announced stiff “reciprocal” tariffs against friends and foes alike in April. The White House is due to hold a press conference at 10:00 a.m. ET (3 p.m. London time) on Thursday in the Oval Office.