• The US-UK trade deal is the first in a series of expected bilateral agreements, according to NEC Director Kevin Hassett.
  • The administration's "onshoring" strategy aims to shift jobs and production back to the US, with tariffs serving as leverage.
  • Negotiations with India and Switzerland are advancing, while talks with China remain pending amid broader geopolitical tensions.

A Flurry of Trade Deals Ahead

Kevin Hassett, Director of the National Economic Council, signaled that the recently announced US-UK trade agreement is just the beginning of a broader push to restructure global trade relationships. Speaking after the deal's unveiling, Hassett emphasized that the administration views this as a template for forthcoming negotiations with other nations. "We will see a lot more deals like this in the coming weeks," he said, without specifying timelines.

The agreement with the UK—the first major trade deal since the latest round of US tariffs—reflects the Trump administration's preference for bilateral pacts over multilateral frameworks. It also underscores the "onshoring" strategy, which seeks to incentivize domestic manufacturing and reduce reliance on foreign supply chains, particularly those tied to geopolitical rivals like China.

Tariffs as Leverage

Hassett downplayed concerns about supply chain disruptions, noting that imports from non-Chinese sources have surged in recent months. The administration has used tariffs as a negotiating tool, imposing them broadly before offering relief to countries that agree to favorable terms. "The 10% tariff floor is a starting point," Hassett said, suggesting that concessions could lower rates for cooperative partners.

Behind the scenes, officials are reportedly in advanced talks with India and Switzerland, while discussions with China remain in a holding pattern. Over 50 countries have expressed interest in renegotiating trade terms, according to people familiar with the matter, though deals with strategic allies are being prioritized.

Market and Political Implications

The UK deal has drawn mixed reactions. Proponents argue it will bolster US exports and jobs, while critics warn of higher consumer costs if tariffs persist. Hassett dismissed these concerns, pointing to what he called "resilient" supply chains and emerging trade alternatives.

With the administration keen to showcase economic wins ahead of the election, more announcements are expected soon. India, in particular, is seen as a likely candidate for the next deal, though negotiators are still ironing out details on agricultural and tech-sector access.

The White House did not immediately respond to a request for further comment on specific timelines.