On Monday, Eastern Time, US Treasury Secretary Scott Bessent said in an interview that the US was negotiating customized agreements with 15 to 18 "key trading partners," and one of the first agreements to be signed was likely to be with India.
Could India be the first to reach an agreement with the US?
After President Trump announced the imposition of broad global tariffs on April 2, global markets have been uneasy about the direction of tariffs. Despite the Trump administration's consistent claims of negotiating with multiple countries, no agreements have been announced so far.
Bessent claimed that the US had already made progress in the negotiations, and he expected the first trade agreement to be reached this week or next week.
He claimed that the US and India were likely to reach an agreement in the coming days, which would be one of the customized agreements with 15 to 18 "key trading relationship" partners.
He said, "Many countries have put forward some very good proposals, and we are evaluating these proposals... I guess India will be one of the first trade agreements we sign. So, keep an eye on this area."
He added that the US had also held very substantive negotiations with Japan, and discussions with other Asian trading partners were also progressing smoothly:
"Vice President Vance visited India last week, and substantial progress was made in the negotiations. As I mentioned, our negotiations with South Korea are also progressing very smoothly, and I believe we have also had some very substantive negotiations with our Japanese allies."
Bessent also revealed that President Trump would be "closely involved" in each of the customized trade agreements with 15 to 18 key trading partners, but it was crucial to reach agreements in principle as soon as possible.
Forecast of Potential Interest Rate Cuts in Europe
Bessent also mentioned the situation in Europe. After the euro-to-US dollar exchange rate approached parity in early January, it has risen nearly 10% this year.
Bessent accused that European countries might have been "panicked" by the strength of the euro against the US dollar since the start of trade tensions.
Bessent said, "You will see the [European Central Bank] start to cut interest rates, trying to pull back the euro... Europeans do not want the euro to strengthen. We have a strong dollar policy."
During his attendance at the International Monetary Fund (IMF) and World Bank meetings last week, Bessent held dozens of talks with visiting officials.
On Tuesday, Eastern Time, he will participate in the regular White House briefing to tout the achievements of President Trump's first 100 days in his second term, where he may face more questions about trade negotiations.