Treasury Secretary Scott Bessent expressed confidence on Friday that the United States could finalize 10 additional tariff agreements with trading partners before Labor Day 2025, potentially boosting the U.S. economy alongside proposed tax cuts and deregulation.
In an interview with Fox Business’s Maria Bartiromo, Bessent said, “If we can ink 10 or 12 of the important 18 [tentative tariff deals], I think we could have trade wrapped up by Labor Day.” He highlighted the economic stimulus from trade deals, tax reforms, and deregulatory measures in President Donald Trump’s proposed “big beautiful bill.”
While Bessent did not specify which countries are involved, sources cited by the New York Post indicated progress in tariff talks with Japan, South Korea, and Vietnam. A pre-existing trade agreement with Canada and Mexico, the USMCA from Trump’s first term, has facilitated ongoing discussions with those nations, according to the same report.
Additionally, Bloomberg News reported that European Commission President Ursula von der Leyen stated the European Union is working toward a trade pact with the U.S. by mid-July, ahead of the July 8 deadline for Trump’s “reciprocal” tariffs.
Recent Trade Agreements and Tariff Policies
The Trump administration recently secured tariff agreements with the United Kingdom and China. The U.S.-UK deal aligns with Trump’s 10% global baseline tariff, covering up to 100,000 imported vehicles annually, while eliminating U.S. duties on British airplane parts and the UK’s 19% ethanol fuel tariff.
The U.S.-China agreement, announced May 12, reduced U.S. tariffs on Chinese goods from 145% to 30% and Chinese tariffs on U.S. goods from 125% to 10% for a 90-day period, with unresolved issues remaining around Chinese magnets and rare-earth minerals.
The U.S. also committed to reversing visa revocations for Chinese students attending American universities.
Trump’s “Liberation Day” tariffs, announced April 2, imposed a 10% baseline tariff on all imports, with higher “reciprocal” rates intended to address trade imbalances.
These higher rates, initially set to affect countries like the EU, Vietnam, and China, have been repeatedly delayed to allow negotiations, prompting Wall Street traders to coin the term “TACO” (Trump Always Chickens Out).
A lower court ruling blocked some tariffs, but a federal appellate court paused that decision pending a July 31 hearing.
Economic and Legislative Outlook
Bessent’s remarks coincided with the S&P 500 reaching a record high of 614.91 on Friday, June 27, with stock futures rising, reflecting market optimism about trade and tax policies.
The finance card above shows the S&P 500’s performance, with a daily high of 616.375 and a low of 610.907.
Bessent emphasized the administration’s first 100 days laid the groundwork for “peace deals, trade deals, and tax deals,” with the next phase focused on implementation.
Trump has set a July 4 deadline for Congress to pass a comprehensive tax-and-spending bill, which would make permanent the 2017 Tax Cuts and Jobs Act provisions, eliminate taxes on tips and overtime, and advance deregulation.
The combination of these policies, Bessent argued, would drive economic growth.
However, some analysts, including those cited by CNBC, have raised concerns about potential economic downsides, such as increased consumer prices and market volatility, with the S&P 500 experiencing fluctuations earlier in the year due to tariff uncertainties.
