The president’s vision for reshaping global trade is falling into place, but he is embarking on an experiment that economists say could still produce damaging results.

The economy was supposed to crumble. The trade war was expected to escalate out of control. Markets were forecast to plunge. None of that has happened. But Trump’s early trade victory may be short-lived.

The European Union dominates critical pharmaceutical imports into the United States, making the 30% tariffs Trump threatened to go into effect Aug. 1 particularly risky.

It’s a race against time for some of America’s top trading partners who are negotiating furiously to reach agreements by Aug. 1.

US Treasury Secretary Scott Bessent says, “nothing is agreed until we speak with President Trump,” and “he’ll decide if the pause continues as is.” Bessent and US Trade Representative Jamieson Greer address reporters about the possible extension of a tariff truce with China in Stockholm on Tuesday.