Testifying before a House Appropriations Committee panel on Tuesday, the U.S. Treasury Secretary Scott Bessent said that the U.S. is currently in talks with 17 trading partners, although no negotiations are underway with China yet.
The official also expressed optimism that the U.S. will secure reductions in tariffs, non-tariff barriers, and instances of currency manipulation. According to Bessent, many countries have approached the U.S. with good offers, and it is possible that trade deals with some large trading partners will be announced this week.
The U.S. Treasury Secretary projected that 80–90% of trade agreements could be finalised by the end of the year, if not sooner.
On the economic outlook, Bessent stated that there is no indication of an impending recession and added that first-quarter GDP is likely to be revised upwards.