Treasury Official Reveals Trump Administration Close To Inking A Couple Of Trade Deals

Deputy Treasury Secretary Michael Faulkender said on Monday that the U.S. is close to inking a couple of trade deals, but stopped short of revealing the names of the countries involved.

In an interview with CNBC, Faulkender expressed optimism about the progress that the Trump administration is making in this regard.

“As long as we continue to make progress, I think you’re going to see a lot more deals that are announced prior to that July 9 time frame,” Faulkender said.

The July 9 time frame that Faulkender talked about refers to the 90-day truce that President Trump announced on April 9—a week after he announced the ‘Liberation Day’ tariffs.

“We want to see that we reach at least terms of an agreement prior to the expiration of that pause, as long as [trade partners] make progress and demonstrate goodwill, we will continue to make progress towards announcing those deals,” he added.

So far, the Trump administration has announced only one trade deal, with the U.K., a close ally of the U.S., which is far lower than the 90 deals that Trump advisor Peter Navarro had expected over the 90-day period.

The European Union on Monday said it is open to negotiations with the Trump administration, noting that tariff cuts remain its priority.

On the other hand, China rebuffed President Trump’s claims that it violated a preliminary trade deal. 

Meanwhile, the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, was up 0.1% at the time of writing.

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