Trump: Trade Deal 'Very Possible' This Week

BlockBeats News, May 5th - Last Sunday, U.S. President Trump hinted to reporters that his administration may reach a trade agreement with some countries as early as "this week," bringing a glimmer of hope to trading partners seeking to avoid high U.S. tariffs. When asked if there could be a trade agreement reached this week, Trump replied, "It's entirely possible," but did not specify which countries were involved.

He further stated that tariffs would be set directly in the next two to three weeks: "Some countries have a huge trade surplus with the U.S. and take advantage of us in many ways, and we are well aware of that." U.S. Vice President Pence revealed that an agreement with India may be one of the first achievements, while negotiations with Japan, South Korea, and Europe are also progressing.

Despite the recent consecutive gains in the U.S. stock market and the better-than-expected jobs report last Friday boosting economic confidence, most economists predict that trade conflicts may lead to an economic slowdown later this year. Legendary investor Buffett made a rare criticism of protectionist policies over the weekend: "Trade should not be used as a weapon." (FXStreet)