Trump’s priority list for tariff talks homes in on around 20 economies

The Trump administration’s first trade talks involve an eclectic mix of major exporters and smaller economies, as the White House looks to rack up agreements that could serve as models for other negotiations.

US President Donald Trump’s team has set a list of roughly 20 partners as the focus of early negotiations, people familiar with the matter said, speaking on condition of anonymity. The Office of the US Trade Representative has briefed lawmakers on the targets, the people said.

The group includes nations such as Japan, South Korea and Vietnam, all top sources of US imports where Trump wants to shrink the trade deficit. It also encompasses comparatively minor partners like Fiji, Lesotho and Mauritius, the people said. 

Treasury Secretary Scott Bessent has said the US is emphasising talks with 18 countries, but has not publicly identified the full list. That includes China, which is due to begin talks this weekend. The slate is designed to establish “templates” to quickly reach other deals, US Commerce Secretary Howard Lutnick has said.

“We’re trying to show people a framework of how to do business so we can roll much more quickly,” Lutnick told Bloomberg Television.

The target list is not exhaustive. Administration officials have also held discussions with other countries, such as Brazil and the Philippines. European Union and US negotiators also continue talks.

The White House, US Commerce Department and USTR did not respond to requests for comment.

While some countries have privately complained the US isn’t making clear requests of nations seeking tariff relief, early talks have signalled the US may prioritise lower-profile countries to set an example for others.

In one meeting, US Trade Representative Jamieson Greer said the EU, for instance, should know what Trump’s team is seeking, according to Republican Senator Markwayne Mullin of Oklahoma, especially if nations including Cambodia, Madagascar and Vietnam are making offers to address the administration’s demands.

Republicans expressed eagerness to see deals completed. Senator Kevin Cramer of North Dakota said some members encouraged Greer to not leave announcements until July, when the 90-day pause on Trump’s April 2 higher tariffs is set to lapse for those who haven’t reached a deal.

“It sounds like there’s a lot happening and we’re going to be hearing about it soon,” he said. “People are very anxious.”

The list also includes the United Kingdom, with which Trump announced a deal outline Thursday that was modest in scope. India, which is in advanced discussions with Trump officials, also appears on the docket as do South Korea and Japan. The latter two are “not going to be fast deals,” Lutnick cautioned. 

In addition to those partners, the administration is also said to be prioritising negotiations with Australia, Argentina, Cambodia, Ecuador, Indonesia, Israel, Madagascar, Malaysia, Switzerland and Taiwan, the people said. 

The economic scale of the countries ranges widely. For example, the US imports more from Japan in a single day on average than it does from Lesotho over the course of an entire year.

Yet the inclusion of smaller nations signals the White House is looking at quickly securing less complicated agreements, even if the individual deals themselves will barely affect US commerce. Neighbouring countries could, in turn, draw upon those pacts.

Other smaller countries are in talks to avoid a higher “reciprocal” tariff, such as Liechtenstein, according to one person familiar with discussions. Top Trump economic adviser Kevin Hassett told CNBC on Friday “about 24” countries are close to joining the UK in reaching a deal.

Bessent and Greer will launch talks with Chinese officials this weekend; Trump on Friday floated slashing his China tariff from 145 percent to 80 percent. USTR officials told lawmakers that while negotiations with Beijing loom large, they’re being considered on a different track from the others, one of the people familiar with the discussions said. 

Some countries have identified themselves as willing partners. Switzerland has said it’s one of 15 countries that will get “somewhat preferential treatment” and may see Trump’s tariff freeze extend past the July deadline, if necessary. 

Argentina’s government, led by Trump ally Javier Milei, has held a series of trade discussions with top Trump officials. Bessent has said Argentina will be “toward the front of the line.”

Greer has pointed to Southeast Asia as a priority. “That’s where we have some of our largest trade deficits,” he told CNBC this week. “We’re having fruitful talks with Vietnam and others, and they understand what we’re trying to solve for.”

Negotiations are scheduled next week with Cambodia, according to a local media report, while Malaysia began talks last month. US officials have held discussions with counterparts in Indonesia and with Taiwan. 

Lutnick warned Thursday that an India deal remains complicated; the announcement of a UK trade deal came heaped with caveats and key details were left to be hammered out. “It just takes time, and it just takes work — so give us a chance, don’t be pushing and rushing,” Lutnick told Bloomberg Television. 

Other nations’ fates are murkier. Australia, like the UK, has a trade deficit in goods with the US – making it a prime candidate for a framework deal. But Trump and top officials repeatedly indicated his 10-percent baseline tariff is a floor, a position reinforced by the UK pact. Any deal may hinge instead on exemptions from other duties, such as 25-percent US levies on metals, or a threatened 100-percent charge on foreign movies that risks crushing Australia’s budding film industry.

It’s also unclear what some of the smallest economies could offer the United States in exchange for more preferential treatment. 

For example, Lesotho, an African mountain kingdom with a population less than Chicago, has a substantial trade deficit to the US from exporting diamonds and apparel. Lesotho is one of the world’s poorest nations and faces a 50-percent reciprocal tariff if no deal is reached. It recently granted billionaire Trump backer Elon Musk’s Starlink a 10-year licence to operate and has pledged to find ways to remove other obstacles to US investment.