President Trump on Wednesday night teased a trade deal announcement, nearly a month after he implemented a 90-day pause on reciprocal tariffs and implemented a 145 percent tariff on China.
“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” Trump said on Truth Social.
The Trump administration has been in talks with dozens of trading partners during the 90-day prior, which started on April 9 following a week of turmoil in the stock market and pressure from Republicans and Wall Street to take a pause. A 10 percent tariff is in place for all trading partners besides China.
On Tuesday, though, Trump downplayed the need for trade deals, telling reporters, “We don’t have to sign deals,” and that he could have 25 signed if he wanted. He also suggested reporters stop asking about when deals would be signed.
And, Treasury Secretary Scott Bessent clarified that the administration is not engaged in ongoing talks with China, after officials suggested for weeks that there were some interactions with Beijing to strike a deal that would lower the 145 percent tariffs.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis said Tuesday that the trade deficit swelled in the first quarter, announcing the goods and services deficit was $140.5 billion in March, an 8 percent increase from the month prior.
Bessent last week hinted that negotiations on tariffs with India may be close to concluding, adding that 17 negotiations “are in motion.”
He said at the time that talks with Asian trading partners, also including South Korea and Japan, are the closest to leading to a deal because those allies “have been the most forthcoming” with negotiations.
Vice President Vance had just traveled to India to meet with Prime Minister Narendra Modi about tariffs. India, which on Tuesday launched what it said were retaliatory strikes against Pakistan, also just struck a trade deal with the United Kingdom aimed at lowering tariffs between the two countries.
