U.S. Trade Talks on the Brink: Potential Landmark Deals This Week

U.S. Treasury Secretary Scott Bessent announced potential trade agreements with major partners could emerge imminently, under the Trump administration's efforts to renegotiate international economic terms. As part of ongoing discussions with 17 partners, Bessent highlighted expectations for reduced tariffs and subsidies, although China remains notably absent from negotiations.

Bessent revealed that major trading partners had proposed favorable terms, and he anticipated concluding deals with 80% to 90% of these players by year-end. Despite Democratic lawmakers questioning Trump's tariff strategies, Bessent argued that recent market and economic data did not indicate a recession.

In the backdrop of these negotiations, tensions simmer between the U.S. and China, with President Trump maintaining a firm stance. Meanwhile, international dialogue continues as the European Union prepares countermeasures, and inquiries surface from India and Japan, among others, for closer trade relations.

(With inputs from agencies.)