White House National Economic Council Director Kevin Hassett said Tuesday that the Trump administration is holding back on announcing trade deals until Congress passes a sweeping domestic policy bill, with deal announcements expected to begin around July 4th.
The strategic timing links the administration's international trade agenda to the success of Republican legislative priorities, as nearly 60 trading partners face escalating tariffs unless they reach agreements by July 8.
Speaking on Fox Business Network, Hassett said the White House is "very close to a few countries and are waiting to announce after we get the Big Beautiful Bill closed," referring to the tax and spending legislation Republicans are pursuing through reconciliation1. "I think you're going to see a sequence of trade [deals], really starting from around the Fourth of July," he added1.
Hassett said ongoing negotiations involve more than a dozen trading partners, including the European Union, Japan, South Korea, and Vietnam, though he did not specify which countries are closest to deals1. The administration previously indicated that three trade agreements were essentially complete and awaiting Trump's signature23.
The announcement comes as the July 8 deadline approaches for trading partners to avoid reciprocal tariffs ranging up to 50 percent1. Trump imposed a universal 10% tariff in April under the International Emergency Economic Powers Act, followed by additional country-specific tariffs2.
Current tariff structures vary by country, with Chinese goods facing between 10% and 35% depending on the product category3. The administration has indicated it may extend the July deadline to allow more negotiation time1.
The timing strategy reflects the interconnected nature of the administration's domestic and international economic policies. Hassett highlighted a "revenge tax" provision in the pending legislation that targets countries imposing discriminatory taxes on U.S. companies1. "We've been having constant negotiations as part of the trade deals for them to take those things off," he said1.
Senate GOP leaders want to begin voting on the legislation Thursday, though major disagreements remain unresolved1. Some House Republicans have warned the Senate version lacks sufficient support in their chamber1.
Hassett expressed optimism about the bill's prospects, saying he "wouldn't be surprised if [it] passes before the weekend" after attending a dinner with House Speaker Mike Johnson Monday night1. The administration has argued the legislation is necessary to avoid what it calls the "biggest tax hike in history"2.
The trade negotiations have faced legal challenges, with federal courts ruling Trump overstepped his tariff authority, though the tariffs remain in effect pending appeals34.
