President Donald Trump teased yesterday that he will be making a major announcement on Wednesday of this week.
Trump, who is completing his Asia-Pacific tour in the coming days, visited with leaders from Japan, South Korea, China, Australia, the Philippines and others.
“A lot of things are happening on trade and I’ll be announcing pretty much what happened here and also with other meetings, including with China, South Korea and lots of other places,” Trump said during a trilateral meeting here with Australian Prime Minister Malcolm Turnbull and Japanese Prime Minister Shinzo Abe.
Trump added later, “We’ve made some very big steps with respect to trade, far bigger than anything you know.”
Although Trump did not disclose any details, the announcement may have something to do with an existing Pacific-region trade deal.
Over the past two decades, the United States negotiated the Transpacific Partnership (TPP) trade deal with countries in the Pacific region.
The deal was agreed to by former President Barack Obama, but Trump criticized the agreement and said he could strike a better deal.
Trump hinted this new trade deal could target trade deficits with regional countries:
“We have deficits with almost everybody,” he said. “Those deficits are going to be cut very quickly and very substantially.”
Trump jokingly commented that he is delaying the announcement because he wants to give press pools “sleep”:
“We’ll give you a chance to sleep, particularly the press,” he said. “I have to tell you, I’m very impressed. You were able to hang in there. I’m very proud of you.”