Treasury Secretary Scott Bessent believes there is potential for advantageous trade deals with major U.S. trading partners, as foreign nations are seeking negotiations in response to President Trump’s tariffs. Bessent stated that there has been a substantial call list at the White House, indicating interest from countries with large trade deficits. He emphasized that Trump will be directly involved in the talks, with a focus on agreements that go beyond standard trade deals.
One potential deal highlighted by Bessent is an energy investment opportunity in Alaska that could involve foreign investment and boost U.S. employment and exports. He also suggested that not all tariffs may be removed, depending on the outcome of negotiations. Bessent mentioned a potential energy deal in Alaska involving Japan, Korea, and Taiwan as an example of what could be offered during negotiations.
Bessent prioritized Japan for negotiations due to its early interest and its significance as a military and economic ally of the U.S. While he was not involved in calculating the reciprocal tariffs set to take effect on April 9, Bessent and National Economic Council Director Kevin Hassett are leading talks with Congress on Trump’s tax-cut package.
Overall, Bessent is optimistic about the possibility of reaching beneficial trade deals with U.S. trading partners, utilizing the current leverage provided by the reciprocal tariffs. The negotiations are expected to focus on innovative agreements that benefit both parties involved.
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