Dow, S&P 500, Nasdaq slides ahead of the Fed’s decision as fears of tariffs that reappear

Treasure Secretary, Scott Bessent, told Capitol Hill on Tuesday that new business treatment could be announced with major partners as soon as this week.

“Many of our commercial partners have approached us with very good offers, and we are in the process of renegotiating these,” said Bessent, emphasizing that the United States is currently in talks with 17 of its 18 major commercial partners, with China as an exception.

“I would be surprised that we have no more than 80% or 90% of those wrapped by the end of the year, and it can be much rather than what I would think. Maybe this week we will announce commercial offers with some of our largest business partners,” he added. “They have come to us with very good offers.”

The secretary of the Treasury said he expects a “substantial reduction” in the rates of American goods, along with the elimination of non-tariff barriers, currency handling strips and the limits of subsidies for labor and capital investment.

Bessent emphasized that trade is a pillar of a broader economic agenda that described as a “three -legged stool” of trade, fiscal reform and deregulation. In general, he said that trade negotiations are moving quickly, and the chamber was expected to send its part of the Senate bill around the Memorial Day, according to President Johnson.

The deregulation, it added, will take longer to influence the economy, but it plans to see significant benefits in the third and fourth quarter of this year and potentially in full effect compared to the same time of last year.