U.S. may announce deals with Korea, other trading partners as early as this week: Treasury secretary
Published: 07 May. 2025, 09:24
Updated: 07 May. 2025, 11:16
![U.S. Treasury Secretary Scott Bessent responds to a question from a committee member as he testifies before the Financial Services and General Government Subcommittee hearing on Oversight of the US Department of the Treasury, in Washington on May 6. [EPA/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2025/05/07/46d303a5-048c-4b99-bba9-b040c1052bf7.jpg)
U.S. Treasury Secretary Scott Bessent responds to a question from a committee member as he testifies before the Financial Services and General Government Subcommittee hearing on Oversight of the US Department of the Treasury, in Washington on May 6. [EPA/YONHAP]
The United States may announce trade deals with some of its largest trading partners as early as this week, Treasury Secretary Scott Bessent said Tuesday, as Korea and other countries are engaging in talks with the United States to avoid or minimize the impact of the Trump administration's new tariffs.
Bessent made the remarks during a House Appropriations Committee oversight hearing, noting that the United States is currently negotiating with 17 major trading partners, except for China.
"I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners," the secretary said. "They have come to us with very good offers."
The secretary defended Trump's tariff policy amid persistent concerns that it could lead to higher prices and slower growth.
"I expect that we can see a substantial reduction in the tariffs that we are being charged, as well as nontariff barriers, currency manipulation and the subsidies of both labor and capital investment," he said. "So, that is proceeding very well."
The U.S. trade talks with key trading partners came as President Donald Trump put a 90-day pause on reciprocal tariffs, including 25 percent duties on Korea, on April 9. Also weighing heavily on the trading partners' economies are sectorial tariffs, including 25 percent duties on automobiles that took effect last month.
Seoul is seeking to reach a "July package" deal with the United States over trade and economic and industrial cooperation before July 8 when Trump's pause on reciprocal tariffs ends.
The two sides have agreed to have consultations focus on four categories: tariff and nontariff measures; economic security; investment cooperation; and currency policy.
Yonhap
with the Korea JoongAng Daily
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