17 countries, excluding China, have put forward 'very good trade proposals': US Treasury Secretary

In a sign that long-frozen trade talks may finally be thawing, US Treasury Secretary Scott Bessent voiced cautious optimism this week, hinting that the first of several potential trade deals could be inked imminently. Bessent revealed that 17 countries — excluding China — have put forward "very good trade proposals" and suggested that fresh momentum could pave the way for more open global commerce.

Still, Bessent tempered expectations. “In a perfect world, this would all result in very low tariffs between the US and the world,” he said. “But you have to have a great deal of faith to make that call at this point.”

The real test, according to Bessent, lies with China. In an April 28 interview with CNBC, he made the US position plain: “I believe that it’s up to China to de-escalate, because they sell five times more to us than we sell to them, and so these 120%, 145% tariffs are unsustainable."

His comments come on the heels of a volatile month in trade policy. On April 2, President Donald Trump rattled global markets with the announcement of sweeping tariffs. Though he later softened the blow — capping tariffs at 10% and postponing additional penalties for 90 days — the uncertainty left many countries scrambling to re-engage diplomatically.

Now, Bessent says that scramble may be bearing fruit. Among the 15 to 18 ongoing trade discussions, he named India as a likely candidate to finalize a deal soon. “We’ve had many countries come forward and present some very good proposals, and we’re evaluating those,” he said. “I would guess that India would be one of the first trade deals we would sign. So, watch this space.”

Meanwhile, Bessent flagged rising unease in Europe, where currency shifts are adding to trade jitters. The euro has surged nearly 10% against the dollar since January — a reversal European leaders view with growing concern, according to Bessent.