Bessent reports progress in U.S.-China trade deals negotiations

U.S. Treasury Secretary Scott Bessent stated that the U.S. is very close to reaching several trade deals, possibly as soon as this week, with 17 important trading partners outside of China having presented strong trade proposals. Bessent emphasized President Trump's central role in all negotiations, noting that he will make the final decisions. Regarding China, Bessent predicted substantial progress in trade talks in the coming weeks but highlighted that the current high tariff levels are unsustainable and likened them to an embargo. While the U.S. holds the advantage as the deficit country, Bessent suggested that China, as the surplus country, has more at stake. There remains uncertainty over the status of direct negotiations with China, with both sides sending mixed signals about their willingness to engage. Overall, the Trump administration appears optimistic about imminent progress in trade relations with multiple partners, while remaining cautious but hopeful regarding China.