Bessent says US is negotiating with 17 out of 18 major trade partners

Treasury Secretary Scott Bessent on Tuesday testified to Congress that the United States is in the process of negotiating with 17 of its largest trading partners.

The secretary told the House Appropriations Subcommittee on Financial Services and General Government that they have received good offers from the countries they are currently negotiating with, in the wake of President Donald Trump's tariffs.

Bessent did not give a specific timeline for when trade deals would be reached, but said he expects most deals will be reached by the end of the year, according to Fox Business.

"There are 18 very important trading relationships. We are currently negotiating with 17 of those trading partners," Bessent said. "China – we have not engaged in negotiations with as of yet.

"Approximately 97% or 98% of our trade deficit is with 15 countries, 18% of the countries are major trading partners, and I would be surprised if we don't have more than 80% or 90% of those wrapped up by the end of the year," he continued. "That may be much sooner. I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners."

Bessent did not specify what countries they expect a deal with soon, or what the details of those deals would be. But he did state he believes the U.S. will see a reduction in the tariffs it's charged by other countries.

Hours after his testimony, officials indicated that formal trade negotiations with China could take place as early as Thursday, when the secretary travels to Switzerland. U.S. trade representative Jamieson Greer is also expected to meet with Chinese trade officials in Switzerland.

The testimony also coincided with Trump's meeting with new Canadian Prime Minister Mark Carney. Canada and Mexico are two of the U.S.'s largest trading partners, along with China, Germany and Japan.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.