Washington: U.S. President Donald Trump's administration is poised to make "several" trade deal announcements within the next 48 hours, as disclosed by Treasury Secretary Scott Bessent on Monday. This development comes amidst ongoing negotiations with various trading partners, who have offered new proposals.
According to Yonhap News Agency, Bessent's remarks align with Trump's recent strategy to notify multiple trading partners about tariff rates. This move increases pressure on countries like South Korea to finalize deals with the United States, as the current pause on new tariffs is slated to end on Tuesday.
In an interview with CNBC, Bessent highlighted that the administration is focused on the quality of trade deals rather than the sheer number. The reciprocal tariffs, including a 25 percent duty on South Korea, were unveiled by Trump on April 2 to address trade barriers affecting American exports. While these tariffs took effect on April 9, a pause was implemented to facilitate negotiations.
Bessent acknowledged that Trump's warning on the potential return to reciprocal tariff levels has prompted several countries to reconsider their negotiation stances. He revealed receiving numerous offers and proposals recently, indicating a busy period ahead.
South Korea is actively working to mitigate the impact of the tariffs, particularly those affecting automobiles, steel, and aluminum. The country has expressed its willingness to support the U.S. efforts to bolster American manufacturing. In a bid to enhance negotiation efforts, South Korea's Trade Minister Yeo Han-koo engaged in talks with U.S. Trade Representative Jamieson Greer over the weekend, while National Security Adviser Wi Sung-lac is scheduled for high-level discussions in Washington this week.