Hassett Awaits Trump Trade Deal Announcement

Kevin Hassett, the head of the White House National Economic Council, mentioned on Tuesday that he is looking forward to President Trump announcing a trade deal, but is waiting for it to clear Congress first.

When queried about the status of the trade deal, Hassett noted the administration’s current focus on trade discussions for the week. He emphasized, “We’re focusing on this week—there’s quite a bit going on. I had to check in regarding the settlement package. [Commerce Secretary] Howard Lutnick quickly jumped in and was actively involved in the negotiations,” during his interview with Fox Business Network’s Varney & Co.

“We understand we are quite close with several countries and are anticipating an announcement following the completion of some significant legislation. We expect to see a series of trade bills around July 4th,” he added.

On Tuesday, the president indicated that he might take drastic measures next week if he doesn’t receive the massive tax cuts and spending packages soon. The Senate still needs to pass the package, followed by the House’s final approval, as there remain some ongoing policy disagreements.

Despite ambitious targets of finalizing 90 transactions within 90 days, the 90-day suspension related to the China-UK agreement and the accompanying “mutual” tariffs for all trading partners will end on July 8th.

When asked about the posted trade agreements, Hassett downplayed any concerns. The administration claims that discussions are ongoing with trading partners like India, Japan, and Vietnam, though no announcements have yet been made.

He also referred to a proposal, known as Section 899, within the Megaville bill in the House, which could impose a 20% tax on foreign investors from nations perceived to be discriminatory against the U.S.

“We’re tackling everything step by step. One example of our approach is the nuance in the tax bill called 899. We’ve been continuously negotiating this as part of a trade deal to eliminate unfair treatment towards our businesses,” he explained.

He remarked, “There are still many moving parts, but generally, they’re shifting in a positive direction.”

Last week, Trump outlined his trade deal with the UK, which had been in progress prior to announcing significant mutual tariffs on other trading partners. Additionally, there was an agreement between the U.S. and China that reduced Beijing’s tariffs to 55%.