Trump Unveils New Trade Pacts, Ukraine Minerals Deal, and Faces Economic Backlash Amid Tariff Tensions

President Donald Trump has confirmed the United States is finalizing trade agreements with South Korea, Japan, and India, as part of a broader push to restructure global trade in America’s favor. While addressing a NewsNation town hall, Trump acknowledged the “potential deals” but stated he is not rushing announcements, noting, “It can wait two weeks.”
Commerce Secretary Howard Lutnick revealed at least one agreement is ready but awaiting approval from the respective country’s leadership and parliament.
This follows Trump’s move earlier this month to impose steep tariffs—25% on South Korea, 24% on Japan, and 26% on India—before reducing them to 10% following negotiations. Australia secured the lowest rate at 10%. Trump claimed over 75 nations have requested tariff negotiations.
In a separate breakthrough, the U.S. signed a strategic minerals agreement with Ukraine after months of negotiation. The deal grants Ukraine full sovereignty over its rare earth resources while attracting long-term U.S. investment through a jointly controlled Reconstruction Investment Fund. President Trump has emphasized the deal as a peaceful commitment to Ukraine’s future, signaling a shift from military support to economic development.
Despite these trade efforts, the U.S. economy contracted by 0.3% in the first quarter of 2025. The White House attributed the downturn to a surge in imports ahead of tariff hikes. While Trump insisted the dip reflects “Biden’s overhang,” critics point to early signs of a looming “Trumpcession.”
Trump also responded to warnings from media figures and economists, agreeing on the need to handle immigration enforcement carefully. Meanwhile, his administration continues to face backlash over aggressive deportation policies and its response to economic turbulence.