WASHINGTON — U.S. Treasury Secretary Scott Bessent said Monday that the United States is moving closer to finalizing a series of new trade agreements, with India poised to be among the first countries to seal a deal.
In an interview with CNBC, Bessent noted that several major U.S. trading partners have made “very good” proposals aimed at averting American tariffs. “I would guess that India would be one of the first trade deals we would sign,” Bessent said, emphasizing the significant progress made during recent discussions.
Substantial progress reported with Japan and South Korea
Bessent pointed to ongoing negotiations with Japan and South Korea as further signs of strengthening economic ties in Asia.
“Vice President Vance was in India last week and talked about substantial progress. I have mentioned that the negotiations with the Republic of Korea have gone very well, and I think we’ve had some very substantial negotiations with our Japanese allies,” Bessent told CNBC.
Speaking to reporters following two early morning television interviews, Bessent suggested that the first of these agreements could be finalized as early as this week or next.
China shows signs of de-escalation, Bessent says
Addressing U.S.-China relations, Bessent remarked that China’s recent move to exempt certain U.S. goods from retaliatory tariffs indicated a willingness to reduce trade tensions. He noted that Washington, in turn, had refrained from escalating the situation by not imposing embargoes on those goods.
In an appearance on Fox News, Bessent discussed the broader framework for upcoming trade agreements, explaining that President Donald Trump will be “intimately involved” in negotiations with each of the 15 to 18 key trading partners. However, Bessent stressed the urgency of reaching agreements in principle soon.
Future of U.S.-China negotiations remains uncertain
When asked whether he would initiate a call to his Chinese counterpart to accelerate talks between the world’s two largest economies, Bessent responded cautiously. “We’ll see what happens with China. It’s important. I think it’s unsustainable from the Chinese side. So maybe they’ll call me one day,” he said on Fox News.
Earlier in his CNBC interview, Bessent emphasized that “all aspects of government are in contact with China” but reiterated that it was ultimately Beijing’s responsibility to ease tensions, highlighting that China exports five times more goods to the United States than the U.S. sends in return.