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Treasury Secretary Scott Bessent said Tuesday that the U.S. is in the midst of negotiations with 17 of the country's largest trading partners, and previewed a timeline for concluding those pending trade deals.

Bessent said in his testimony before the House Appropriations Subcommittee on Financial Services and General Government that the timing of trade deals "will be path dependent on our trade partners."

"As I've said before, there are 18 very important trading relationships. We are currently negotiating with 17 of those trading partners. China we have not engaged in negotiations with as of yet," he indicated.

"Approximately 97% or 98% of our trade deficit is with 15 countries, 18% of the countries are major trading partners, and I would be surprised if we don't have more than 80% or 90% of those wrapped up by the end of the year," Bessent said.

This is an excerpt from an article by FOX Business' Eric Revell

Treasury Secretary Scott Bessent said on Tuesday that a trade deal on tariffs between the U.S. and another country could come as soon as this week.

"I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners," Bessent said during testimony before the House Appropriations Committee. He did not provide specifics.

Barbie maker Mattel announced it is raising prices on some of its toys and "further reducing reliance on China-sourced products" as the company navigates a "volatile macro-economic environment and evolving U.S. tariff landscape.

"The California-based toymaker imports about 20% of its goods sold in the U.S. from China, according to Reuters.

It quoted Chief Financial Officer Anthony DiSilvestro as saying Monday that Mattel is expecting around $270 million in incremental costs from tariffs in 2025, but plans to offset those costs through mitigating actions.

"There's no question that tariffs are creating disruption in the industry. Many companies have stopped production and shipping to the U.S. as a result of tariffs from China. We do support the Toy Association's advocacy for zero tariffs on toys," Mattel CEO Ynon Kreiz told Reuters.

Last week, Trump, while speaking about tariffs, said "Maybe the children will have two dolls instead of 30 dolls, you know, and maybe the two dolls will cost a couple of bucks more than they would normally."

This is an excerpt from a Fox Business article by Greg Norman. To read more, click here.

The European Union won’t be pressured into accepting an unfair trade deal with the U.S., the 27-country bloc’s trade chief said Tuesday.

"We do not feel weak. We do not feel under undue pressure to accept a deal which would not be fair for us," European Trade Commissioner Maros Sefcovic told the European Parliament.

President Donald Trump imposed 25% tariffs on European steel and aluminum and cars, along with reciprocal tariffs of 10% for nearly all other goods imported into the United States. Trump later initiated a 90-day pause on the tariffs.

The tariffs currently cover 70% of EU goods imported to the U.S., according to Sefcovic, and could jump to 97% as the U.S. investigates pharmaceuticals, semiconductors and other products.

With 90-day pause set to end July 8, Sefcovic said “all options remain on the table” as the EU prepares countermeasures to Trump’s tariffs.

He also said that other trading partners are looking to speed up talks with the bloc.

"I can tell you that our phones are not stopping ringing all the time because everyone wants to accelerate free trade agreement negotiations with us," he continued.

Reuters contributed to this report.

A Canadian pharmaceutical manufacturer is looking to Asia for new partners as Canada’s trade ties with the U.S. remain uncertain under President Donald Trump’s tariff policy.

Alan Urmeneta, a partnership sourcing manager at PNP Pharmaceuticals, a contract manufacturer for drug makers in British Columbia, told Reuters in an interview that the company is trying to find customers in Asia due to the tariffs.

"We are now venturing into other markets as we see that we need to pivot," Urmeneta said, though he declined to specify which countries in Asia.

Trump imposed 25% tariffs on all steel and aluminum imports from Canada in March before adding 25% duties on car imports. Trump has said the moves were a way to hold Canada accountable for the fentanyl that enters the U.S. from its northern neighbor.

Trump stopped short of hitting Canada with reciprocal tariffs, as he has done to some other countries in April.

Prime Minister Mark Carney , who secured victory last month after campaigning to stand up to Trump, will meet his U.S. counterpart at the White House on Tuesday. Carney has repeatedly said the old relationship with the U.S. is over.