Trump declines to melt tariffs with US-China commerce talks set to start

Treasury Secretary Scott Bessent mentioned Tuesday on Capitol Hill that new commerce offers with main companions could possibly 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 technique of renegotiating these,” Bessent mentioned, noting that the US is at the moment in talks with 17 of its 18 key buying and selling companions, with China because the exception.

“I would 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 before I’d assume. Maybe as early as this week we will likely 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 mentioned he expects a “substantial discount” in tariffs on US items, together with the removing of non-tariff limitations, curbs on foreign money 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. Total, he mentioned commerce negotiations are progressing quickly, with the Home anticipated to ship its portion of the commerce invoice to the Senate round Memorial Day, in line with Speaker Johnson.

Deregulation, he added, will take longer to affect the economic 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.