THERE ARE NO DEALS!!!!!!!!!!!!!!

Bessent says trade deals are “largely done” as Trump’s sweeping new tariffs take effect

From CNN’s Alejandra Jaramillo

Treasury Secretary Scott Bessent said that the Trump administration is shifting its economic focus to affordability as a new round of sweeping tariffs takes effect, marking a major escalation in global trade policy.

“The trade deals are largely done, and now we can really hone in on the affordability,” Bessent told MSNBC Thursday morning.

With trade policy nearing a turning point, Bessent said the administration is now focused on addressing the cost-of-living crisis in the US.

“We’re going to be looking at what we can do for housing, for student loans, for overall, because there is an affordability crisis. The first step in easing the affordability crisis was to bring down inflation,” Bessent said.

Bessent’s comments come as the administration pushes forward with locking in economic protectionism through tariffs.

Some background: Over the past five months, Trump announced eight trade agreements. Of those, only two — with the United Kingdom and China — have been formalized. The agreement with China, which significantly lowered tariff rates both countries imposed on one another’s goods, expires on August 12. If both countries fail to act, rates could spike again.

Most agreements Trump announced involve trading partners committing to purchasing more American products, like oil, cars, Boeing airplanes, defense equipment and agricultural goods. They also involve hundreds of billions of dollars worth of investments in American businesses.

But it’s unclear if the United States and other trading partners involved in agreements are on the same page about many of the proposed terms.