U.S. accelerates global trade talks as China deal looms
The U.S. has received 18 written proposals for trade agreements so far and is in negotiations with 34 countries, White House spokeswoman Karoline Leavitt said on Tuesday. She added that a deal with China is also in the works.
What do you need to know?
- The U.S. has received 18 written proposals for trade agreements and is in negotiations with 34 countries.
- A trade agreement with China is planned, even though Finance Minister Scott Bessent reportedly described these talks as a "slog."
- He emphasized that the current level of tariffs is unsustainable, and the U.S. is not aiming to sever economic ties with China.
During Tuesday's press briefing, Leavitt stated that the number of offers received by the U.S. is a testament to the effectiveness of President Trump's approach to tariffs and that things are moving in the right direction.
According to her suggestion, despite the skepticism of experts, the administration will manage to conclude trade agreements before the suspension of some tariffs expires—by July 9.
Negotiations with China
The spokeswoman also conveyed a message from President Trump that he is "laying the groundwork" for a deal with China, expressing hope that the powers will soon reach an agreement and reduce the tariffs, which are currently 145% and 125%.
"We feel everyone involved wants to see a trade deal happen and the ball is moving in the right direction," she said.
According to information provided by Bloomberg, Finance Minister Scott Bessent mentioned at a closed conference organized by JP Morgan Bank that he expects negotiations with China to be a "slog." He also assessed that no one believes the current situation and astronomical tariffs can be maintained for an extended period.
He stressed that the U.S. intention is not "decoupling," or severing economic ties with China, even though the current level of tariffs essentially constitutes an embargo on products from that country.
