With the president’s tariff pause doing little to quell panic in the markets, his man at the Treasury has been put in an essentially impossible position. His fate is an increasingly open question among Wall Street and DC insiders.

Treasury Secretary Scott Bessent has disclosed that more than 70 countries have approached the United States to initiate discussions on new trade agreements. This development follows the Trump administration’s implementation of significant tariffs aimed at addressing trade imbalances and protecting domestic industries.

The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8 percent increase ($16.3 billion) over 2023.