Washington: The United States may announce trade deals with some of its largest trading partners as early as this week, Treasury Secretary Scott Bessent stated on Tuesday. This development comes as South Korea and other countries engage in negotiations with the U.S. to mitigate the effects of the Trump administration's new tariffs. According to Yonhap News Agency, Bessent made these remarks during a House Appropriations Committee oversight hearing. He noted that the U.S. is negotiating with 17 major trading partners, with the exception of China. "I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners," Bessent mentioned. He emphasized that these partners have tabled "very good offers" and defended Trump's tariff policy despite ongoing concerns about potential economic impacts like higher prices and slower growth. Bessent expressed optimism regarding trade negotiations, predicting a significant reduction in tariffs and addressing issues s uch as non-tariff barriers, currency manipulation, and subsidies for labor and capital investment. "So that is proceeding very well," he added. The backdrop of these discussions is the 90-day pause on reciprocal tariffs imposed by President Donald Trump on April 9, which includes 25 percent duties on South Korea. Trading partners also face sectorial tariffs, including 25 percent duties on automobiles, which took effect last month. South Korea is actively seeking a "July package" deal with the U.S., aiming to finalize trade and economic and industrial cooperation agreements before Trump's pause on reciprocal tariffs concludes on July 8. The consultations between the two countries are focused on four primary areas: tariff and non-tariff measures, economic security, investment cooperation, and currency policy.