Trump Teases Major Trade Deal With 'Big And Highly Respected Country,' Refuses To Cut China Tariffs

President Donald Trump has indicated that the U.S. is close to a trade deal with a key nation, potentially lowering tariffs and marking the first truce since the U.S. imposed sweeping tariffs that threatened to disrupt global trade.

"MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!" Trump said in a post on his Truth Social account on Tuesday.

He said he would reveal details at a press conference at 10 a.m. ET on Wednesday.

The New York Times reported the deal would be with the United Kingdom, citing three people familiar with the plans, but said the details were not immediately available.

S&P 500 futures gained 0.5% after the report. The pound sterling also extended gains.

If announced, the agreement would mark the first in a series of bilateral trade negotiations the Trump administration is pursuing with several U.S. trading partners. 

Reports suggest that discussions with some Southeast Asian nations are in advanced stages.

Business and political observers are closely watching for the potential de-escalation with China; the U.S. and China have imposed insurmountable tariffs on each other, making trade unviable.

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with China's top economic official, He Lifeng, in Geneva from May 9 to May 12.

This is the first set of talks between the two sides since March.

It is still unclear if the talks will yield results. Trump said on Tuesday that he was unwilling to preemptively lower tariffs on China to unlock more substantive negotiations with Beijing.

China, meanwhile, has said it wants the U.S. to "correct its wrongdoings" and negotiate "through equal consultation."

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