President Donald Trump announced on Wednesday that he will hold a press conference Thursday morning to reveal a significant trade deal with a “highly respected country.” The event, scheduled for 10 a.m. in the Oval Office, marks what Trump described as the first of many agreements to be signed.
In a post on Truth Social, Trump excitedly teased the announcement, calling it a “major trade deal” and hinting that it would be a precursor to more agreements with other countries. However, he did not specify which country is involved in the deal or provide any further details about the agreement’s contents.
The announcement comes at a time when the Trump administration has been ramping up trade negotiations with multiple global partners. The president had previously paused reciprocal tariffs on most countries, extending the tariff suspension until July 9, in a move seen as an effort to push forward trade talks.
Ongoing Tariff Negotiations
The news comes shortly after U.S. Treasury Secretary Scott Bessent testified before Congress, revealing that the United States is engaged in talks with 17 major trading partners. Bessent noted that the U.S. has received “good offers” in ongoing tariff negotiations and that several deals are expected to be finalized this week.
Bessent did not identify which countries are involved in the talks but mentioned that the expected agreements would likely result in “substantial reductions” in tariffs and the removal of non-tariff barriers. Other areas of focus for these deals include currency manipulation and government subsidies, areas that have long been points of contention in U.S. trade policy.
U.S. Trade Representative Jamieson Greer added to the optimism, stating that the administration expects to finalize initial tariff deals with certain countries in the coming weeks. During a recent interview with Fox News, Greer emphasized that the administration’s primary objectives are to reduce the U.S.’s $1.2 trillion trade deficit, expand market access, and lower both tariff and non-tariff barriers to facilitate more equitable trade.
“We are talking about a matter of weeks, not months,” Greer explained, indicating that progress has been made toward finalizing deals. He mentioned ongoing negotiations with several countries, including Vietnam, Japan, Guyana, Saudi Arabia, and the Philippines. South Korea, he said, has been particularly proactive in the discussions, while talks with the United Kingdom and India are moving forward, though a deal with India is not yet imminent.
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Focus on Fair Trade Deal with China
While the administration has been negotiating deals with other nations, talks with China have not yet commenced, despite President Trump’s recent remarks about the country’s eagerness to strike a trade deal. Trump previously stated that China “wants to make a deal very badly,” but insisted that any agreement must be “fair.”
Greer did confirm, however, that U.S. officials held a call with Chinese Vice Premier He Lifeng to discuss reciprocal tariffs. The two sides are expected to meet in Switzerland on Saturday, marking the beginning of what could be the first steps toward formal trade talks with China.
The Trump administration’s trade efforts have been bolstered by a significant increase in tariff-generated revenue. According to the Treasury Department, tariffs have brought in $15.9 billion in revenue this year, a 105% increase from the previous year. These tariffs have been primarily directed at China, Canada, and Mexico, although exemptions have been made for imports covered by the United States-Mexico-Canada Agreement (USMCA).
Administration’s Stance on Tariffs
President Trump has made it clear that he is not rushing to finalize trade deal with other countries. In past remarks, he has said, “We are sitting on the catbird seat. They want us. We don’t need them.” This statement underlines the president’s strategy of using tariffs as leverage in trade negotiations. While the U.S. has benefited from higher tariffs, particularly with China, Canada, and Mexico, Trump has emphasized that his goal is to ensure fair and reciprocal trade terms that benefit American industries and workers.
In The End
As the administration continues to pursue trade deal with multiple countries, the president’s announcement on Thursday will likely set the tone for future negotiations, signalling the start of a new chapter in U.S. trade policy.
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