Some trade deals 'quite advanced': US Treasury chief

ISTANBUL

US Treasury Secretary Scott Bessent told lawmakers Wednesday that trade negotiations with certain countries have reached advanced stages, following up on his earlier statement that some might be finalized this week.

Bessent was asked to identify which countries were closest to completing agreements as he testified before the House of Representatives Committee on International Financial Systems.

He said he could not answer that question because it would be "detrimental" to negotiations. When pressed on why revealing the information would be harmful, he explained: "Because the negotiations may still be in process as we speak."

Asked about the timeline for concluding talks, Bessent said: "There are numerous countries ... and we are moving forward at all deliberate speed with those,” adding: "Some of them are quite advanced."

Addressing a question about upcoming talks with China in Switzerland, Bessent confirmed he would lead the US delegation alongside US Trade Representative Jamieson Greer, noting that trade adviser Peter Navarro would not be part of the delegation. He added that negotiations will begin Saturday.

Washington imposed a staggering 245% tariff on Chinese imports, and Beijing retaliated with 125% levies on all US imports.

Asked whether President Donald Trump authorized him to finalize the trade agreements, Bessent said: “As President Trump has stated, he will have the final decision on any trade agreement.”

- IMF reforms; Myanmar sanctions

On IMF reforms, a lawmaker suggested that approving quota increases would allow future administrations to authorize Special Drawing Rights (SDR) allocations that would benefit China, Russia, Venezuela and Iran without congressional approval.

"We believe the SDR process at the IMF should serve the goals of the United States of America, and not other states," Bessent responded. "This administration is aligned with you in your goals on the SDR.”

On a question about sanctioning Burma-Myanmar entities and asking the Treasury Department to "do more to protect the people of Burma and to stop the genocide," and support the BRAVE Burma Act to address the situation in Myanmar, Bessent pledged continued bipartisan cooperation.

"We're happy to work with your staff on this legislation,” he said. “Treasury has tools to continue to take action for the people of Burma, and working with you, we will continue to do so."

Myanmar is experiencing a prolonged ethnic conflict, mostly in the north, where ethnic armed groups have been fighting the ruling military junta in recent months. The violence has displaced thousands and raised concerns about the conflict spilling over into Thailand.