President Trump teased a major trade deal announcement on Wednesday night, nearly a month after he enacted a 90-day pause on reciprocal tariffs and imposed a 145 percent tariff on China.
Trump has said that the first trade deal will be coming tomorrow at 10AM
5/8/2025
“Big News Conference tomorrow morning at 10:00 A.M., The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” Trump posted on Truth Social.
The Trump administration has been in talks with numerous trade partners during the 90-day pause, which began on April 9 following market volatility and increasing pressure from Republicans and Wall Street to ease tensions. A 10 percent tariff remains in place for all trading partners, except for China.
However, on Tuesday, Trump downplayed the urgency of trade deals, telling reporters, “We don’t have to sign deals,” and adding that he could have 25 signed if he chose to. He also suggested that reporters stop asking about when deals would be finalized.
Treasury Secretary Scott Bessent clarified that the administration is not currently negotiating with China, despite earlier suggestions that there were discussions with Beijing to potentially reduce the 145 percent tariffs.
On Tuesday, the U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported that the trade deficit had widened in the first quarter, with the goods and services deficit reaching $140.5 billion in March, an 8 percent increase from the previous month.
Last week, Bessent hinted that negotiations with India over tariffs might be nearing completion and noted that 17 other negotiations are currently underway.
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