WASHINGTON – On Friday, Treasury Secretary Scott Bescent mentioned that the US might finalize 10 additional tariff agreements with various countries before Labor Day. This statement comes as the European Union seems to be moving towards a new trade deal.
Bescent believes these trade agreements could significantly benefit the US economy, akin to the enhancements proposed in President Trump’s “big beautiful bill,” which included tax cuts and deregulation.
“If we manage to finalize 10 or 12 out of the 18 important tentative tariff deals,” he told Fox Business’s Maria Bartilomo during an interview.
“We have taxes and trade. I think that could be a sizable stimulus for the economy, not to mention the potential effects of deregulation,” he added.
It remains unclear which specific countries are involved in these discussions, but previous trade agreements with Canada and Mexico from Trump’s earlier term have rekindled tariff discussions among those nations.
Meanwhile, progress has reportedly been made in talks with Japan, South Korea, and Vietnam, according to a Wall Street source.
European Commission President Ursula von der Leyen mentioned that she expects the EU to finalize an agreement prior to mid-July.
Commerce’s Howard Lutnick hinted at additional trade arrangements after the Trump administration secured a customs agreement with both the UK and China. The deadline on July 8 coincides with the so-called “mutual” commitments regarding products imported into the US.
The agreement with the UK aligns with Trump’s 10% global baseline tariff on products, which includes a cap on imported cars.
As part of the arrangement, the UK has eliminated a 19% ethanol fuel tariff, while the US has lifted all obligations for parts manufactured in the UK.
However, the US will impose a 55% requirement on products from China, despite China retaining a 10% tariff on American goods, as previously announced by Trump.
“Our tariff stands at 30% for them. We are at 10%. We’re seeing significant revenue from these tariffs,” Bescent stated Friday.
Although some details regarding China’s magnets and rare earth minerals remain to be worked out, the US has committed to revoking visas for Chinese students applying to study at US universities.
Trump first unveiled the new “liberation day” tariffs on April 2, vowing to impose much higher “mutual” fees to address the ongoing trade imbalance with the US, which has faced delays in negotiations with the UK and China.
Bescent’s optimistic comments came on the heels of the S&P 500 hitting record highs and stocks showing a positive outlook on Friday.
Despite the initial blockage of certain new tariffs by a lower court, the federal appeals court has put the decision on hold until a hearing set for July 31.
Trump set his administration’s target of completing 90 trade transactions within 90 days, from April 9 to July 8.
Additionally, the president has urged Congressional Republicans to pass a substantial tax and spending bill by July 4, which would eliminate certain taxes while solidifying aspects of Trump’s 2017 tax cuts.
Bescent reiterated, “In the first 100 days, we initiated discussions for peace deals, trade agreements, and tax plans. Now, in these last days, we’re working to finalize them.”
