America pledged 90 trade deals in 90 days. So far, it has delivered just two. The race to reshape global trade was launched with urgency. But halfway through, promises have outpaced progress, and the rest of the world is still waiting.

On May 11th, as U.S. Treasury Secretary Scott Bessent met Chinese officials in Switzerland, dozens of other countries were left in limbo. Many had flown to Washington for talks. Some found their meetings delayed. Others were simply cancelled.

One diplomat, ready with detailed proposals on beef rules and currency policy, ended up visiting the Air and Space Museum. He left, in his words, “about as empty-handed as before.”

The U.S. had promised 90 trade deals in 90 days. The countdown began on April 9th, when tariffs were paused across the board. The deadline is July 8th. But over a third of the way through, just two deals have been signed — one with Britain, the other with China.

Both reduced tariffs. Neither delivered major gains.

The rest of the world is waiting. Eighty-eight countries are caught in a queue that keeps shifting. A few get close. Then fall back. The White House’s message is clear: delay the talks, and you lose your spot.

About 20 countries have been prioritised. Some are major trading partners like Japan, the EU, and Vietnam. Others — like Fiji or Argentina — made the list for strategic or personal reasons. But no ranking is stable.

Japan started near the top. Then its prime minister criticised the process. India took its place, but moved too slowly. Now India is threatening to tighten exports to the U.S.

Switzerland, after hosting Bessent over the weekend, was suddenly bumped up. The EU, meanwhile, remains stuck at the bottom. Trump once called the bloc “nastier than China.” Bessent’s explanation was more diplomatic: “The Italians want something different from the French.”

Three patterns are emerging.

First: no country stays in focus for long.
Trade deals take years. This sprint is different. The U.S. believes speed is leverage. If one country slows down, they move to the next.

Second: China shadows every negotiation.
The U.K.’s deal upset Beijing. Under its terms, America gets a say in who owns British steel plants. China sees that as interference. Japan worried too. Most partners are being asked, “What are you doing about China?”

Third: small disputes cause big delays.
Britain complained about American beef. The U.S. asked Japan to open its rice market. In Thailand, charges were dropped against a jailed American academic — right before trade talks resumed.

The original goal won’t be met. Ninety deals in ninety days was always ambitious. Still, more agreements will come. And countries are now hoping for the tariff pause to be extended beyond July.

But Trump also wants to prove he means business. That means some countries may face penalties — just to send a message.

At this point, few are racing to the front.
Most are simply trying not to be left behind.

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