The United States may announce trade deals with some of its largest trading partners as early as this week, Treasury Secretary Scott Bessent said Tuesday, as South Korea and other countries are engaging in talks with the US to avoid or minimize the impact of the Trump administration's new tariffs.
Bessent made the remarks during a House Appropriations Committee oversight hearing, noting that the US is currently negotiating with 17 major trading partners, except for China.
"I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners," the secretary said. "They have come to us with very good offers."
The secretary defended Trump's tariff policy amid persistent concerns that it could lead to higher prices and slower growth.
"I expect that we can see a substantial reduction in the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation and the subsidies of both labor and capital investment," he said. "So that is proceeding very well."
The US' trade talks with key trading partners came as President Donald Trump put a 90-day pause on reciprocal tariffs, including 25 percent duties on South Korea, on April 9. Also weighing heavily on the trading partners' economies are sectorial tariffs, including 25 percent duties on automobiles that took effect last month.
Seoul is seeking to reach a "July package" deal with the US over trade and economic and industrial cooperation before July 8 when Trump's pause on reciprocal tariffs ends.
The two sides have agreed to have consultations focus on four categories: tariff and non-tariff measures; economic security; investment cooperation; and currency policy. (Yonhap)
