In a sudden shift, President Donald Trump stated that it is not the U.S. that needs trade deals, but its partners, contradicting earlier statements from his own administration.
What Happened: In a White House meeting with Canadian Prime Minister Mark Carney, President Trump made a surprising remark, saying the U.S. doesn’t need to “sign deals” with trade partners, reported CNBC.
Despite weeks of claims from top White House officials that trade deals were a top priority, Trump expressed frustration at the pressure to sign deals, stating, “We don’t have to sign deals, they have to sign deals with us.”
Trump’s comments marked a shift from Treasury Secretary Scott Bessent‘s statement on Monday, where he claimed the U.S. was “very close to some deals”. The President’s new stance also contradicts his own previous statements, where he indicated potential deals with India, South Korea and Japan.
"I wish they'd … stop asking, how many deals are you signing this week?" stated Trump before he added that one day he will come with 100 deals.
Why It Matters: After Trump’s remarks, U.S. markets declined on Tuesday afternoon. Moreover, Trump’s comments on Sunday about being “Ok” with a short-term recession and permanent tariffs have caused unease among Senate Republicans, who have urged for progress in trade deals to alleviate market instability and doubts about the White House’s economic strategy.
Meanwhile, amid the tariff chaos sparked by Trump, the U.K. and India have concluded a free trade agreement aimed at boosting bilateral trade by $34 billion by 2040. This development further underscores the global shift towards bilateral agreements, even as the U.S. waits for tangible progress on this front.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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