Treasury Secretary Scott Bescent informed lawmakers on Tuesday that the U.S. is not currently in trade negotiations with China, but he suggested that announcements regarding trade deals with other partners might be forthcoming soon.
This statement follows comments from Trump last month, who suggested that discussions with China were occurring at various levels, although Chinese officials have continually denied this. Recently, they mentioned that they are considering the U.S. proposal for consultations.
“There are 18 very important trading relationships. We are currently negotiating with 17 of these trading partners,” Bescent stated to the House Financial Services Budget subpanel. “China, we are not engaged in negotiations yet.”
The Secretary also expressed anticipation for “significant reductions in tariffs, as well as improvements regarding non-tariff barriers, currency manipulation, and subsidies affecting labor and capital investment.”
On the same day, the Bureau of Economic Analysis reported that the goods and services deficit for March stood at $1,400.5 billion, an increase of approximately $17 billion compared to February.
During the hearing, Bescent noted that the majority of the nation’s trade deficits involve 15 countries.
“Eighteen percent of our trade comes from our main partner. I would be surprised if by the end of the year we don’t see 80 or 90% wrapped up,” he remarked.
Bessent predicted that trade agreements with some of the U.S.’s largest trading partners would emerge within the week.
“They approached us with a very favorable offer. What I want to convey is that, while they may not appreciate all the tariffs imposed by President Trump, they are still in effect,” he emphasized. “So, if these tariffs are so detrimental, why are they still appealing to them?”
