Tariffs Trade War: Trump hints at ‘major trade deal’ with 'highly respected' nation today; 145% China levy to stay ‘for now’

Tariffs Trade War: US President Donald Trump on Wednesday teased the announcement of a “major trade deal” with a “big and highly respected country,” even as his administration faces pressure over a sweeping tariff regime that has unsettled global markets.

In a post on Truth Social, Trump said, “Big News Conference tomorrow morning at 10:00 am, The Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!”

The announcement comes weeks after the Trump administration imposed 145 per cent tariffs on Chinese imports and rolled out a 10 per cent tariff for all other trading partners—except those that sign new agreements with the US.

No signs of China deal as trade talks begin

Despite the upcoming round of US-China trade talks scheduled this week in Switzerland, Trump said the 145 per cent tariff on Chinese imports would remain in place “for now.” Speaking during the swearing-in ceremony of David Perdue as the new US Ambassador to China, Trump said, “We were losing a trillion dollars a year, now we're not losing anything. That's the way I look at it.”

He dismissed any possibility of easing tariffs to bring China back to the negotiating table, adding, “No,” when asked directly about reconsidering the rate.

Treasury Secretary Scott Bessent also clarified that the US is not currently in formal negotiations with Beijing, contradicting earlier reports of ongoing back-channel talks. Trump further rejected China's claim that the US had initiated this week’s dialogue, saying, “They said we initiated? Well, I think they ought to go back and study their files.”

US not desperate to ink trade deals: Trump

On Wednesday, Trump told reporters that the US wasn’t desperate to ink trade deals. “We don’t have to sign deals,” he said. “I could have 25 signed if I wanted.” He also urged journalists to stop asking about the timeline for any new deals.

The administration had earlier announced a 90-day tariff pause beginning April 9 to allow space for negotiation, following market volatility and pressure from Republicans and Wall Street. Since then, discussions have been underway with dozens of potential trade partners—though China remains a holdout.

Federal Reserve Chair Jerome Powell noted that outcomes from these talks could materially affect the US economic trajectory. “We are entering a new phase,” Powell said, “that has the potential to change the economic picture materially — or not.”

(With inputs from agencies)