• U.S. Treasury Secretary Scott Bessent reiterates trade deals with 17 partners could be finalized this week.
  • China remains a separate case, with "substantial progress" expected in coming weeks.
  • Ford and Mattel already feeling tariff pressures, with losses and price hikes reported.

Trade Deals on the Horizon

U.S. Treasury Secretary Scott Bessent has doubled down on his prediction that trade agreements with key partners could be announced as early as this week. Speaking to CNBC, Bessent revealed that 17 trading partners—excluding China—have presented "very good trade proposals" to the White House. President Trump will have the final say on all deals, underscoring his hands-on role in negotiations.

Bessent expressed optimism about reducing non-tariff barriers, curbing currency manipulation, and addressing unfair subsidies. "We’re moving toward more frictionless trade," he said, though some tariffs may remain. The administration’s focus appears to be on incremental wins rather than sweeping reforms.

China: A Separate Track

While progress with other nations seems imminent, China negotiations are lagging. Bessent acknowledged that Beijing has yet to fully comply with the Phase One deal from Trump’s first term, calling current tariffs "unsustainable." Chinese factories, he noted, are already grappling with shutdowns and layoffs. Still, he hinted at potential breakthroughs in the coming weeks.

Market Ripples

The uncertainty is taking a toll. Ford suspended its full-year outlook after reporting a $2.5 billion loss, while Mattel plans price hikes to offset tariff costs. Bessent downplayed inflation concerns, insisting "hard data is still resilient." But analysts remain skeptical. "You’d need blind faith to assume these talks will slash tariffs," one observer remarked.

What’s Next?

All eyes are on the White House, where Trump will greenlight any announcements. Bessent’s timeline—this week for non-China deals, weeks for Beijing—sets the clock ticking. Whether the optimism translates into tangible relief for businesses remains to be seen.