Dow, S&P 500, Nasdaq slide forward of Fed choice as tariff fears reemerge

Treasury Secretary Scott Bessent stated Tuesday on Capitol Hill that new commerce offers with main companions may very well be introduced as quickly as this week.

“A lot of our buying and selling companions have approached us with superb presents, and we’re within the strategy of renegotiating these,” Bessent stated, noting that the US is at present in talks with 17 of its 18 key buying and selling companions, with China because the exception.

“I might be stunned if we do not have greater than 80% or 90% of these wrapped up by the tip of the yr, and that could be a lot ahead of I’d suppose. Maybe as early as this week we shall be asserting commerce offers with a few of our largest buying and selling companions,” he added. “They’ve come to us with superb presents.”

The Treasury secretary stated he expects a “substantial discount” in tariffs on US items, together with the removing of non-tariff limitations, curbs on forex manipulation, and limits on subsidies for labor and capital funding.

Bessent emphasised that commerce is one pillar of a broader financial agenda he described as a “three-legged stool” of commerce, tax reform, and deregulation. General, he stated commerce negotiations are progressing quickly, with the Home anticipated to ship its portion of the commerce invoice to the Senate round Memorial Day, in keeping with Speaker Johnson.

Deregulation, he added, will take longer to affect the financial system, however he anticipates seeing significant advantages within the third and fourth quarters of this yr and probably in full impact in comparison with the identical time final yr.