POLITICS: Trump needs to ink trade deals, pass tax cuts to avoid economic pain

It’s clear that President Donald Trump’s tariff gambit has prompted numerous nations to step up with deals; his negotiators need to grab them, fast, to avoid a political and economic spiral down.

If the Trump team haggles for too long, the damage from delaying will be far worse than settling for slightly less-than-perfect trade terms.

Keep in mind, these nations’ leaders will have to sell the deals to their own citizens, and legislatures. Anything too onerous can backfire, forcing a return to the talks — and prolonging the economic chaos and pain.

Immediate trade deals, on the other hand, can lower tariffs and other trade barriers to US exports, boosting a key part of the economy and convincing markets that Trump’s not seeking a global trade war.

If the hurt goes on too long, the political fallout could set Republicans in Congress at odds, letting Democrats derail the “big, beautiful” tax bill and the rest of Trump’s agenda along with it.

As it is, gross domestic product shrank slightly (after adjusting for inflation) in the first quarter, down an annualized rate of 0.3%.

Tariff trauma — with the tax bill now unlikely to pass before July — could bring a second quarter of shrinkage, triggering gloomy economic expectations that can easily prove self-fulfilling or at least prompt political panic.

Cancellations of overseas shipments (with volume down as much as 50% for Chinese goods) are already fueling fears of supply shortages, empty shelves and recession, perhaps by summer.

Fast trade deals now can ensure those shortages are brief, allowing other causes for optimism (like ones that produced stellar private-sector jobs growth in April) to dominate expectations.

Commerce Secretary Howard Lutnick says Team Trump has reached an agreement on a first deal, but he didn’t name the country and details were still being hammered out last week.

That deal needs to be wrapped up ASAP — and others must follow, restoring the momentum needed to get the tax-cut bill through Congress fast.

If the bill fails, the nation faces a return to pre-2017 tax rates, virtually guaranteeing recession, a midterm disaster for the GOP and gridlock (at best) in Washington.

Then you can cancel that golden age.