U.S. could be done with trade deals by Labor Day, Bessent says

What they're saying: Bessent, in a Fox Business interview Friday, noted that the U.S. was pursuing deals with about 18 key trading partners, and that arrangements were already in place with two, the UK and China.

• "Secretary Lutnick said yesterday that he expects 10 more deals, so, if we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said.

By the numbers: Stock futures rose amid Besssent's comments, with the S&P 500 indicating it could touch record highs in early trading.

Catch up quick: On April 2, Trump imposed a global baseline 10% tariff, plus additional reciprocal tariffs on dozens of countries.

• After a week-long market panic, on April 9 Trump paused those tariffs for three months, and his administration promised to make 90 trade deals in 90 days.
• That pause is due to run out in less than two weeks, with only a few deals even reportedly close to being agreed.

• Of late, administration officials have softened their stance on the July deadline, noting it was not critical, that it could slide for countries negotiating in good faith — and that ultimately, Trump could just unilaterally impose rates where deals weren't possible.

The intrigue: A federal court in late May ruled Trump did not actually have the authority to impose the tariffs he'd levied, and ordered them stopped.

• An appellate court stayed that order, pending a July 31 hearing.