The president says that dealing with “a highly respected country” will be the first for many.
President Donald Trump said he would hold a press conference Thursday morning to reveal what he described as a major trade deal.
The press conference will be held at 10am in the oval office, the president said.
He did not specify which countries were involved or provide details of the contract.
“Good offer”
At a House hearing Tuesday, Treasury Secretary Scott Bescent told lawmakers Tuesday that the US has received “good offers” in ongoing tariff negotiations with 17 major trading partners, with several transactions expected to be announced this week.
Bessent did not specify which countries were involved, but said it anticipated “a significant reduction in the tariffs we are being charged, as well as non-voluntary barriers, currency manipulation and subsidies.”
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He predicted, “We will probably announce trade agreements with some of our biggest trading partners, just like this week.”
Treasury Secretary Scott Bescent testifies before the House Budget Committee on the Rayburn House Office Building in Washington on May 6, 2025. Kayla Bartkowski/Getty Images
“I think we have a deal…closely close,” he said.
“We’re talking about issues like weeks rather than months to announce our first deal.”
Greer noted continued consultations with Vietnam and future meetings with representatives from Japan, Guyana, Saudi Arabia and the Philippines.
He also described South Korea as “very progressive” in negotiations, saying that while the discussion between Britain and India has progressed, there is no immediate deal with India.
Greer called Lifeng to announce mutual tariffs while making a call with China’s deputy prime minister, but made it clear that no official consultations with China have been held. He also rebutted the claim that US economic policies were intended to put pressure on Beijing, saying the administration is seeking fair trade with China.
Bessent and Greer meet with Chinese counterparts in Switzerland on Saturday to tell them the first step in potential trade negotiations.
Customs generated revenue
Trump previously said he was not in a hurry to finalise the agreement.
“We’re sitting in catbird seats. They want us. We don’t need them.”
