Secretary of the Treasury Scott Bessent did not announce any definitive tariff agreements at a Tuesday press conference, frustrating hopes that the 100-day event would mark an end to the economic uncertainty that has sent markets on a roller-coaster ride in recent weeks and driven down President Donald Trump’s approval rating on economic issues.

As of the market close on Tuesday, the Dow Jones Industrial Average climbed 300.03 points, or 0.75%, to close at $40,527.62. The S&P 500 Index gained 0.58%, ending at $5,560.83. According to CNBC, both indexes posted a sixth straight positive day, marking the longest winning streak since July for the Dow and since November for the S&P 500. 

Trump’s “Liberation Day” tariffs began on April 2 and saw the president implement what he called “reciprocal” tariffs on nearly every country in the world. Markets plunged in the wake of the announcement and key American trade partners expressed outrage and vowed to retaliate. But the hysteria subsided to a degree as Trump rolled back some of the most odious tariffs on nations he deemed to not have “retaliated” and he ultimately issued a 90-day pause on nearly all tariffs in favor of a 10% baseline, though he left tariffs on China in place.

The following weeks saw administration officials strike an optimistic tone about the prospect of negotiating bilateral agreements with partner nations. White House advisor Peter Navarro even teased the prospect of striking “90 deals in 90 days,” while Bessent himself suggested he saw an “opportunity for a big deal here.”

Trade deals "in motion" but elusive

Bessent’s press conference on Tuesday saw him state that “seventeen [deals] are in motion” and that Washington was “very close” to reaching an agreement with India in light of Vice President JD Vance’s recent trip to the country. He further expressed optimism that agreements with Japan and South Korea would soon materialize. Admittedly, there remain more than two months left to go on the 90-day pause, though the 100-day mark had been expected to witness a more dramatic announcement.

Trump himself attended a meeting with a Japanese delegation in mid-April over trade negotiations, after which he reported “big progress” without getting into details. His original goal with the tariffs was to encourage investment in domestic American production. 

Trump’s tariffs earned applause from labor unions, including from United Auto Workers (UAW) President Shawn Fain, with whom Trump feuded on the campaign trail. "Jobs and factories will come roaring back into our country and you see it happening already. We will supercharge our domestic industrial base,” Trump vowed earlier this month.

The auto industry, however, attracted special revision from the White House amid concerns that tariffs on car components could undercut the bid to boost domestic production and force automakers to swallow "stacking" duties. Tariff stacking refers to multiple tariffs simultaneously being applied to a single commodity. When several of these levies are stacked together, they are often referred to as a "cumulative tariff." 

Commerce Secretary Howard Lutnick on Tuesday announced a revised tariff scheme to avoid such a development, calling the arrangement a “major victory for the president’s trade policy by rewarding companies who manufacture domestically, while providing a launchpad for manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.”

At the moment, foreign automakers are subject to a 25% tariff and imported foreign auto parts were set to become subject to the same rate, though the administration has planned to allow domestic automakers to receive partial reimbursement for imported auto parts for up to one year.

A White House memo released Tuesday touted the administration’s economic successes but made no mention of tariffs, trade, or the stock market and instead opted to highlight unemployment data, inflation figures, and jobs growth, including the addition of 345,000 jobs since taking office, all of which were positive data for the Trump team.

The memo also pointed to increases in the labor force participation rate for those without high school diplomas and a fall in the veterans' unemployment rate. It also included a graphic asserting that the Trump administration had posted a roughly 1,500 jobs per month growth in manufacturing, in contrast to a monthly average decline of 8,500 jobs under President Joe Biden. A separate memo pointed to more than $5 trillion in investment pledges Trump has secured since taking office.

Despite the good news, economic sentiment drops

The announcement of positive data comes as voter perceptions of the economy appear to be souring and that sentiment seems to have taken its toll on Trump’s approval rating. The president was moderately underwater on April 2, with a 47.8% approval rating in the RealClearPolitics polling average and a 49.6% disapproval rating. 

As of April 29, the same figures stood at 45.1% approval and 52.5% disapproval. Though he earned high marks for the economy during his first term, Trump’s average approval on that issue, according to RCP, stands at 41.9% compared to a 55.3% disapproval rating. A CBS News/YouGov poll released on Monday closely mirrors the RCP polling, showing 42% of respondents approving of the way Trump is dealing with the economy. 

Causing concern among consumers this week were reports that Amazon planned to show the additional costs of ordering foreign goods from Trump’s tariffs as part of its bill breakdown. The White House reacted to the report, calling the reported move a “hostile and political act” though Amazon subsequently denied any such plans.