U.S. Treasury Secretary Scott Bessent stated that the Trump administration plans to announce trade agreements this week to eliminate tariffs on certain countries and aims to conclude most new treaties before 2026. Bessent mentioned that more than 80-90% of the agreements are likely to be ready by the end of the year, or even earlier, and that trade deals with major partners could be announced in the coming days.
Regarding the outlook of the trade war in the coming year, Bessent acknowledged that everything would depend on negotiations with trade partners and highlighted the progress in talks with 17 out of 18 crucial trade relationships so far. He noted that several partners have presented interesting offers, and these agreements are being renegotiated fairly.
Bessent explained that the government strategy is based on three interrelated pillars: the imposition of tariffs, tax reduction, and deregulation. These mechanisms aim to encourage job creation, promote fair trade, and facilitate investments in manufacturing and energy sectors. Additionally, he insisted on the intention to perpetuate tax cuts and urged the subcommittee to approve the proposed tax reform bill.
On the other hand, he made it clear that they are not currently negotiating with China and expressed that they expect the new agreements to result in a significant reduction of tariffs, non-tariff barriers, and currency manipulation that could harm the U.S.
