President Trump hinted at an upcoming trade announcement on Wednesday night, nearly a month after he had initiated a 90-day pause on mutual tariffs, alongside a staggering 145% tariff on China.
“A large press conference tomorrow morning at 10am in the Oval Office will feature a significant trade deal with representatives of a prominent and respected nation!!!” Trump mentioned on his platform.
The Trump administration has been in discussions with numerous trading partners for the last 90 days, which began on April 9th, following a week of stock market volatility and pressure from both Republicans and Wall Street. Currently, there is a 10% tariff imposed on all trading partners except for China.
However, Trump seemed to downplay the urgency of finalizing any trade agreements, stating to reporters, “We don’t need to sign the deal,” adding he could essentially ink 25 if he chose to. He also advised reporters to refrain from inquiring about when a deal might be signed.
Meanwhile, Treasury Secretary Scott Bescent disclosed that the administration is not currently engaged in active discussions with China, contradicting earlier suggestions that talks with Beijing were close to reaching a deal to reduce the 145% tariff.
On Tuesday, the US Census Bureau and the US Bureau of Economic Analysis reported that the trade deficit surged in the first quarter, with the goods and services deficit for March hitting $1,400.5 billion.
Last week, Bescent pointed out that tariff negotiations with India seem to be nearing completion, indicating that 17 discussions are “moving” along.
He mentioned that discussions with Asian partners like South Korea and Japan are the closest to a resolution, being “at the closest” stage of negotiations.
Vice President Vance recently visited India for discussions with Prime Minister Narendra Modi regarding tariffs. India, which characterized its recent actions as a response to Pakistan on Tuesday, has initiated a trade agreement with the UK aimed at reducing tariffs between the two nations.
