Treasury Secretary Scott Bessent said Tuesday that the U.S. is in the midst of negotiations with 17 of the country's largest trading partners, and previewed a timeline for concluding those pending trade deals.

Bessent said in his testimony before the House Appropriations Subcommittee on Financial Services and General Government that the timing of trade deals "will be path dependent on our trade partners."

"As I've said before, there are 18 very important trading relationships. We are currently negotiating with 17 of those trading partners. China we have not engaged in negotiations with as of yet," he indicated.

"Approximately 97% or 98% of our trade deficit is with 15 countries, 18% of the countries are major trading partners, and I would be surprised if we don't have more than 80% or 90% of those wrapped up by the end of the year," Bessent said. 

"And that may be much sooner, I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners. 

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