‘I expect that we can see a substantial reduction of the tariffs that we are being charged,’ he says.
Treasury Secretary Scott Bessent on Tuesday said the United States has been receiving “good offers” in tariff negotiations with major U.S. trading partners and that some trade deals will be announced this week.
During a House hearing, Bessent said that the administration was negotiating with 17 major trading partners, though officials have not yet engaged in talks with China on duties. Bessent did not say what countries are currently in talks with the White House.
“I expect that we can see a substantial reduction of the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation and subsidies, both labor and capital investment,” he told the House Appropriations Committee, adding that some countries have made good offers.
More than a month ago, President Donald Trump announced baseline tariffs of 10 percent on nearly every country in the world and higher rates for countries that do more significant trade with the United States. The higher tariff rates were paused for 90 days in an announcement from Trump a week later to secure negotiations, though he raised tariffs on China, with an ensuing tit-for-tat ending with 145 percent on the communist regime.
He has also separately imposed 25 percent tariffs on autos, steel, and aluminum, as well as 25 percent tariffs on Canada and Mexico. For the two U.S. neighbors, the tariffs were implemented earlier in the year in a bid to offset unchecked illegal immigration and fentanyl trafficking into the country via the two countries. Trump has said that if those issues are dealt with, those tariffs can be reduced or eliminated. Imports that comply with the United States–Mexico–Canada Agreement are exempt from the tariffs.
Bessent told the House panel Tuesday that around 97 or 98 percent of the U.S. trade deficit was with approximately 15 countries, most of which were major trading partners, and discussions were proceeding well with many.
“I would be surprised if we don’t have more than 80 or 90 percent of those wrapped by the end of the year, and that may be much sooner,” he said. “I would think that perhaps as early as this week we will be announcing trade deals with some of our largest trading partners.”
