I would guess that India would be one of the first trade deals we would sign. So watch this space,” Bessent added. In addition to his assessment of the situation with China a

U.S. Treasury Secretary Scott Bessent on Monday said many top U.S. trading partners had made 'very good' proposals to avert U.S. tariffs, and one of the first deals to be signed might be with India. Bessent,

Treasury Secretary Bessent said the Trump administration will weigh China's lack of compliance with the "phase one" trade deal from the president's first term in current negotiations.

The dollar recouped some of its losses on Tuesday, supported by reports that the U.S. administration may ease planned tariffs, although investor caution lingered over whether a meaningful de-escalation in the U.

Beijing appears to be bedding in for a protracted battle with the US over tariffs. The Chinese government laid out policies Monday to aid its exporters affected by the trade war, including loan support for troubled firms and measures to further boost domestic consumption.

China on Monday said it was on the right side of history in its gruelling trade war with the United States. Recall that the US President Donald Trump, since returning to the presidency in January, has imposed 10 per cent tariffs on most US trading partners and a separate 145 per cent levy on many products from China.