Bessent touts ‘very good offers’ on trade again, market yawns and sells the US dollar

Beyonce is on tour but no one seems to care. The tickets are going for $25 and there are plenty of empty seats.

At some point, people don’t want to see the same old song and dance anymore.

That’s increasingly the case with Trump’s trade team talking up trade deals that never seem to materialize. Hassett said on Thursday that a deal was coming later that day and we’re still waiting.

Now Bessent is playing the classics again:

• Many trading partners have approached us with very good offers
• US negotiating with 17 trading partners
• Have not engaged with China yet

The market rallied for 9 days in a row on the hope/expectation that Trump would start to announce trade deals but the clock keeps ticking and yesterday we learned that the US isn’t going to offer zero tariffs, at least to Japan.

The US dollar is sagging today and gold is up $51 in a troubling potential return of the early-April paradigm.

This article was written by Adam Button at www.forexlive.com.