"We're in much better shape because it's now clear that if there's gonna be a real trade war with anyone, it would just be with China," Secretary Ross tells Fortune.

The White House has announced a series of negotiation frameworks with key Asia-Pacific partners, including Vietnam, the Philippines and Indonesia in the lead-up to the August 1, 2025, trade negotiation deadline.

President Trump has offered sketchy and sometimes contradictory details in his recent trade frameworks. Yet markets don't seem to mind, viewing vague guidance as increased stability.

Recent pacts with Britain, Europe and Japan mean that autos exported from those countries and regions face lower U.S. tariffs than Canadian vehicles do.

President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States

Trump's trade deals with the EU and Japan pave the way for the stock market to end with it's third straight annual gain of more than 20%, Oppenheimer said.