Trump’s second-term trade strategy relies on broad tariff threats under authorities like IEEPA and Section 122 to accelerate bilateral negotiations, producing multiple framework agreements and reciprocal trade deals since early 2025. Completed or advanced pacts already cover the United Kingdom, Japan, the European Union, Indonesia, Argentina, South Korea, Vietnam, and others, often bundling tariff adjustments with purchase commitments, investment pledges, and sector-specific access in agriculture, autos, and critical minerals. Ongoing talks involve Canada and Mexico ahead of USMCA review, plus continued engagement with China and Taiwan. Upcoming catalysts include the June 2026 G7 summit and further bilateral meetings that could finalize additional frameworks before the 2027 cutoff. Trader assessments center on the administration’s emphasis on reducing deficits through enforceable, modifiable bilateral terms rather than multilateral structures.