White House voices confidence on trade, despite global turmoil

The White House voiced confidence in the US economy in the face of tariffs that have sparked global turmoil, suggesting new trade deals could soon be unveiled.

“This is just the cylinder firing,” Treasury Secretary Scott Bessent wrote in a Wall Street Journal op-ed, referring to recent upbeat data on jobs and inflation. “The American people should expect to hear the engine humming during the second half of 2025.”

The Trump administration also reportedly expects to announce at least one trade agreement this week.

Analysts are less sanguine, however: Car prices are expected to rise as the full impact of auto tariffs hits, shoppers could soon see shortages, and investors appear to be expecting stagflation.