The White House now treats the rest of the world like a debt collection agency, collecting outstanding debts at will without any comprehensible basis. It's no wonder that willingness to pay is limited.
Wall Street sneers at Trump for puffing himself up, but always giving in in the end. And even the deals Trump has made so far are, at best, framework agreements. Or they simply restore the old status quo, which Trump himself had previously destroyed with his tariff threats.
The US president has only just reached a fragile ceasefire with China, which will expire in August. The framework agreement on resuming the supply of rare earths, much praised by Trump, has still not been approved by Beijing. It also leaves open the possibility of cutting off supplies of these essential raw materials at any time.