Europe could be at center stage as the Trump administration’s tariffs upend the global trading system, slashing Chinese imports to the U.S., a report from the McKinsey Global Institute finds. President Trump’s aggressive trade policy has sparked concerns about a recession and a painful unwinding of the globalization of recent decades that had expanded profit margins and kept prices low.

But the level of trade success Trump will have achieved by next week looks to fall short of his goals. Trump’s trade adviser Peter Navarro touted “90 deals in 90 days” in April. As the deadline approaches though, others in the Administration are lowering expectations.

Key Takeaways President Donald Trump's 90-day pause on the "Liberation Day" tariffs expires on July 9.When the deadline passes, the U.S. could re-impose "reciprocal" tariffs on numerous countries, which would be a major drag on the economy.