Inside Walmart’s $30 Billion Fashion Reinvention
January 1, 2026
TRADE | TARIFFS
/ Almost before President Trump had signed his executive order rolling out tariffs on global imports, Asian nations were negotiating trade deals.
We knew it was coming, but still the new US tariff rollout has blindsided global trade.
Everyone is in panic mode right now, and you can’t blame them.
Clearly, manufacturers whose entire production is in China, Cambodia and Vietnam are facing dark days right now. Bangladesh is not much better off.
Despite the extreme nature of these tariffs, there are some signs that the extreme situation we face right now, be dialed back in the coming weeks.
To their credit, the leaders of several Asian nations wasted no time approaching the White House to begin negotiations that have a realistically good chance of saving their nation’s exports.
In a world where everything is a headline, it’s easy to overlook some of the less ‘top of news’ details.
Speaking to reporters at the White House last week, President Trump indicated the tariffs could be short-lived if the US can strike new deals with its trading partners.
“I’m certainly open to (negotiations) if we can do something,” Mr. Trump told reporters. “We’ll get something for it.”
The April 2nd executive order states that “the US could reduce or remove tariffs if the president decides that a country has taken significant steps to remove their barriers to US exports.”
President Trump has said he is open to negotiations. Should a deal be made with any nation, it could be implemented almost immediately.
The ultimate White House goal is to reduce the US trade deficit. Deals with trading partners that look to support US exports could go a long way in reducing tariffs on those countries.
We are already seeing envoys heading to Washington for discussions with the White House.
Vietnam party chief To Lam was one of the first world leaders to speak with President Trump last week. On April 6 Vietnam asked the United States to delay the April 9 implementation of tariffs to give both countries time to negotiate, per NPR.
India’s Prime Minister Narendra Modi’s administration has looked into a clause in Trump’s tariff order that offers a possible reprieve for trading partners who “take significant steps to remedy non-reciprocal trade arrangements”, per Reuters.
India and the U.S. agreed in February to clinch an early trade deal by autumn 2025 to resolve their standoff on tariffs. In March, Reuters reported that New Delhi is open to cutting tariffs on U.S. imports worth $23 billion.
Many other countries have indicated a willingness to negotiate tariff rates with the U.S.
While each nation faces its own pressures to protect domestic industries, most will also want to avoid having their entire US exports wiped in one blow.
At the same time, there is domestic pressure on the White House from industries that rely on imported goods or components.
Thus, there is reason to be optimistic that there will at least be some kind of interim deals – at least with some countries.
China might be the exception. The trade tensions between the US and China are more complicated than simply a trade deficit.
Until the tariffs have been resolved, brands that work with agents who have offices in ‘low tariff nations’ will have the strategic advantage of possibly being able to shift production.
Realistically, no one thought we would see this level of tariffs. Thus no one had a contingency plan.
Right now, everyone is in ‘wait and see mode’. For most companies that makes sense. Let’s see what happens over the next few weeks. Brands who already have sufficient inventory in the US, might be able to ride out the worst of the storm.
Brands who are working with agents will have the advantage of the flexibility that an agent might offer, particularly if they have offices in some of the countries where tariffs are only 10-20%.
Right now nothing is set in stone and a lot could change even within weeks.
This administration likes to move fast. That works both ways.
Tariffs were rolled out almost overnight. They could also be resolved just as quickly. That’s a good thing.
As challenging as it is right now, there is tremendous value in staying calm under pressure. Those who panic could end up creating long term pain as they try to avoid short term losses.
Insights & Analysis
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