Bessent Signals Extending US Tariff Talks
(MENAFN) US Treasury Secretary Scott Bessent stated on Friday that ongoing tariff negotiations involving over a dozen global economic partners may continue until September 1—coinciding with Labor Day in the United States—postponing the previously targeted conclusion date of July 9.
In an interview with a news agency, Bessent emphasized the importance of achieving arrangements with the US’ “18 important trading partners.”
He remarked: “So, if we can ink 10 or 12 of the important 18 – there are another important 20 relationships – then I think we could have trade wrapped up by Labor Day.”
US President Donald Trump also addressed the matter on Friday, emphasizing the adaptable nature of the earlier timeline.
“We can do whatever we want. We could extend it, we could make it shorter. I’d like to make it shorter. I’d like to just send letters out to everybody: ‘Congratulations, you’re paying 25 percent’,” he stated.
So far, the Trump administration has finalized only a single trade deal—with the United Kingdom—alongside a temporary ceasefire in trade tensions with China.
Bessent noted that discussions with both China and the UK are “behind us for now.”
He also shared that shipments of rare earth elements from China are anticipated to resume entering the US, after Beijing issued an export authorization earlier that same day.
“As President Trump has said, he’s created maximum negotiating leverage for Ambassador (Jamieson) Greer, (Commerce) Secretary Lutnick, and myself by saying if you can’t get to a deal, he’s happy to go back to the April 2 levels, so we have countries approaching us with very good deals,” Bessent explained.
He reiterated that if nations fail to reach an agreement, President Trump is willing to reimpose the higher duties that previously rattled global financial markets.
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