US Treasury Secretary Bessent says Washington is working on trade deals with 17-18 partners and could announce some of the biggest agreements “as early as this week,” though China is not yet involved. Markets are unconvinced after nine days of unmet hype: the dollar has slipped to its daily low while gold is up 1.80%, even as stocks try to rebound.
Bessent nonetheless predicts “substantial” tariff cuts, insists strategic uncertainty is part of the talks, and vows the debt ceiling will be raised, avoiding default. He expects Q1 GDP to be revised higher, stronger tax revenues thanks to AI, and sees no recession signs.
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Create account Try a demo Download mobile app Download mobile appTurning to the IRS, he claims up to $50 billion is wasted on modernization, but says $2 billion has already been trimmed from IT without disruption and a move from $450 million to under $20 million in annual paper-processing costs is planned by the end of a second Trump term.
EURUSD began to edge lower following Bessent's comments, but still holds a 0.25% gain on the day
