Tariffs or Deals? Trump Seems Content With Punishing Levies.

Even after President Trump announced sweeping global tariffs in April, some investors and supporters comforted themselves by arguing that the president’s goal was still to open global markets, not close them off.

The belief, promoted by Mr. Trump himself, was that he was using his tariffs as a lever to crack open foreign markets and the administration would soon deliver dozens of deals that would increase U.S. exports and help American businesses flourish abroad.

Three months later, that optimism is being replaced by doubts that Mr. Trump’s goal was ever to strike the kind of trade deals that would open up markets. When Mr. Trump paused his global tariffs for 90 days in April, he said the delay would give his administration time to reach trade deals with countries across the world. In the intervening months, Mr. Trump boasted about how countries were lining up to talk to the United States and at one point claimed he had reached 200 deals.

But the administration has only announced two preliminary deals, with Britain and Vietnam, and the status of the Vietnam deal is now in question. While handshake agreements with the European Union, India, Taiwan and other governments could soon be pending, they are likely to be limited pacts that leave much left to be negotiated. Even when deals have been announced, the administration has left double-digit tariffs in place, with the promise of more levies on foreign products on the way.

This week, Mr. Trump sent out nearly two dozen letters notifying countries of the high tariff rates they will be charged as of Aug. 1 if they don’t sign trade deals. That included nations that were in active negotiations with the United States, like Indonesia, Canada, South Korea and Malaysia.

With less than a month before the Aug. 1 tariffs kick in, the Trump administration may have the capacity to deal with only a fraction of those countries. Some governments that have sought out meetings with U.S. officials have not been able to schedule them.