CNBC Daily Open: Countries want to strike deals with U.S. — but are also making them without it

U.S. President Donald Trump convened a Fifa Task Force meeting at the White House in Washington, D.C., U.S., on May 6, 2025. Following Trump’s disruption of global trade and supply chains, there are now positive signs of rebuilding. U.S. Treasury Secretary Scott Bessent mentioned to CNBC on Monday that the country is on the verge of finalizing some deals. Canadian Prime Minister Mark Carney recently met with Trump at the White House, potentially repairing their strained relationship. Additionally, Chinese Vice Premier He Lifeng is expected to hold trade talks with Bessent in Switzerland this week.

During the meeting with Carney, Trump expressed a strong stance, stating, “We don’t have to sign deals, they have to sign deals with us.” This contradicted earlier claims by White House officials that making such deals was a top priority for the administration. The markets reacted negatively to Trump’s comments.

The U.S.’s increasing protectionism could ironically lead to other countries strengthening economic ties. The U.K. and India agreed on a trade deal to eliminate tariffs on most items within ten years. ASEAN and China are also set to discuss improvements to their free-trade agreement. These developments could potentially create new economic connections that bypass the U.S., which Trump indicated may not require such deals.

Key events today:

– Officials from the U.S. and China will meet in Switzerland to discuss economic and trade matters.
– The U.K. and India reached a trade agreement that will make a majority of goods traded between the two countries tariff-free within a decade.
– China’s central bank announced monetary policy easing measures, including reducing rates and increasing liquidity.
– U.S. stock indexes experienced a second consecutive day of losses after Trump’s trade comments.
– Advanced Micro Devices beat earnings estimates but warned of chip controls.
– India reported carrying out strikes against Pakistan in response to alleged terrorist activities.

[PRO] JPMorgan suggests that the U.S. may not be a safe haven in case of a global economic slowdown, marking a possible end to U.S. exceptionalism.

Lastly, tourists were seen visiting Pingyao Ancient City in Jinzhong, Shanxi province of China during the May Labor Day holiday on May 2, 2025.