Donald Trump has often said that his “favourite word” is “tariff”. Surely “deal” would come a close second.
The president‘s new term in the White House has been dominated by a protectionist agenda aimed at restoring America’s domestic manufacturing base and jobs.
His primary objective is cutting America’s trade deficit – by which the country imports more in value terms, than it exports.
That gap, the largest for any country in the world, stands at about $1.1trn (£830bn) annually.
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The threat of, and later, the implementation of stop-start tariffs has flung the global trade order into chaos, with some companies and traditional trading partners taking the opportunity of a “deal”, when able to.
Mr Trump has claimed that his work to date is worth $10trn (£7.5trn) to the US economy but experts have said the values are likely to be much lower and almost impossible to quantify.
Here, we outline some of the big deals to have been claimed so far in a bid to achieve Mr Trump’s economic and trade goals.
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Stargate
A boost to AI infrastructure in the US was announced by the president on his first full day back in the White House.
The OpenAI-led venture, mostly funded by Japan’s Softbank, will see up to $500bn (£375bn) spent on data centres up to 2029.
It has been widely reported this week that progress has stalled, however, due to US trade tariffs.
Apple
The iPhone maker announced in February its largest ever spending commitment, of more than $500bn (£375bn) over four years.
Along with AI data centres, the company has pledged to build an “advanced” factory in Texas under Mr Trump’s push for US manufacturing growth.
Nvidia
The world’s most valuable chipmaker revealed in April that it was to invest $500bn (£375bn) in the US over four years.
The company, which makes the majority of its chips in Taiwan currently, said it was to spend the bulk of the money on domestic AI servers. Two manufacturing plants – in Arizona and Texas – will also be expanded under the plans.
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US-UK trade deal
More of a truce than a comprehensive trade deal – and almost impossible to put a value on given the disruption to date – but this was the first “deal” that the Trump administration did to end some tariffs against a country.
It sees 25%+ duties on UK-made cars cut to 10% under a quota system that will also see steel tariffs scrapped.
However, a 10% levy remains on all other goods.
Prime Minister Sir Keir Starmer said that the partially completed agreement would save “thousands of jobs”.
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US-China trade deal
The president hailed a “reset” in relations with China following a deal, revealed on 12 May, that will end the effective trade embargo between the world’s two largest economies.
US tariffs of 145% and those imposed by China, of up to 125%, had effectively killed most trade altogether but have been paused for 90 days. They have been replaced by effective rates of 30% and 10% respectively.
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Saudi Arabia
Donald Trump signed a “$600bn (£451bn) deal” with Saudi Arabia, which includes the “largest defence sales agreement in history” on Tuesday 13 May.
He said during his visit to the kingdom that, in addition to purchases of $142bn (£107bn) of US-made military equipment, there will also be multi-billion dollar deals in Saudi Arabia with US firms including Amazon, Uber and Oracle.
