U.S. Aims to Finalize Trade Deals with 18 Partners by July

U.S. Treasury Secretary Scott Bessent has announced that several major trade agreements are expected to be reached in the coming weeks. This development comes as the U.S. intensifies its trade negotiations with various countries, aiming to finalize deals before the expiration of a 90-day pause on tariffs. Bessent expressed optimism about the progress made with Asian nations, highlighting that they have presented "interesting proposals" and that some deals are anticipated by the end of July.

The U.S. has been actively engaging in negotiations with multiple trading partners, including the European Union, to resolve long-standing trade issues. However, talks with the EU have encountered obstacles, with President Trump threatening to impose a 50% tariff on EU imports starting June 1, 2025, due to the lack of progress in negotiations. Trump's comments have added pressure on EU leadership, with Bessent hoping that these threats will expedite the negotiation process.

In addition to the EU, the U.S. has been in discussions with other major trading partners, including China and the United Kingdom. While talks with China have resulted in a reduction in tariffs, further discussions are expected to continue through the summer. The U.S. has also announced a preliminary trade agreement with the United Kingdom, marking a significant step in bilateral trade relations.

Bessent's remarks underscore the administration's focus on reaching trade agreements with 18 major U.S. trading partners. However, Trump has acknowledged that there may not be enough time to finalize all agreements, suggesting that new tariff rates may be announced in the coming weeks. This approach aims to ensure that the U.S. maintains a competitive edge in global trade while addressing trade imbalances and barriers.

The U.S. Treasury Secretary's statements reflect the administration's commitment to securing favorable trade terms and reducing trade barriers. As the deadline for the 90-day pause on tariffs approaches, the U.S. is poised to finalize several key trade agreements, potentially reshaping global trade dynamics. The outcome of these negotiations will have significant implications for the U.S. economy and its trading partners, as the administration seeks to balance protectionist measures with the need for open and fair trade.