Commerce Secretary Howard Lutnick expressed confidence Sunday that the Trump administration will cut trade deals with key U.S. trading partners in the coming weeks — before steep tariffs kick in for dozens of countries.

US stocks are floating near all-time highs as Wall Street maintains cautious optimism that Washington might ink more trade deals, avoiding a worst-case scenario of extraordinarily high tariffs and enabling the resilient economy to continue chugging along.

Trump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

President Donald Trump said on Wednesday that "we'll have a straight, simple tariff of anywhere between 15% and 50%." Hiking the baseline reciprocal tariff rate to 15 percent means a 50 percent higher tax on American manufacturers and consumers than Trump originally promised.

The investment bank thinks a 9-0 ruling against Trump is likely. That doesn't mean the tariffs will just go away.

Trump’s tariffs and recent trade deals continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.

Steep tariff rates are set to go back into effect after a 90-day pause on the April 2 rates that rocked the stock market.

Viktor Shvets, Head of Global Desk Strategy at Macquarie Capital, says the recent tariff deals the U.S. has struck with other nations have given the markets something to cheer about, but he questions how much risk premia are still attached to the U.