U.S. Treasury Secretary: Tariff Talks Could Stretch Until September 1
(MENAFN) US Treasury Secretary Scott Bessent revealed on Friday that discussions over tariffs with more than a dozen trade partners could stretch beyond the initial July 9 deadline, potentially lasting until September 1, coinciding with the US Labor Day holiday.
In an interview with a media outlet, Bessent emphasized the importance of finalizing agreements with the US’s "18 key trading partners," noting that success with even 10 or 12 of these partners could help conclude negotiations by Labor Day. "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,” he explained.
President Donald Trump also weighed in on the evolving timeline, underscoring the administration’s flexibility in adjusting deadlines. “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,’” Trump remarked.
As of now, the Trump administration has only finalized one trade agreement, with the United Kingdom, alongside a temporary ceasefire in trade hostilities with China.
Bessent clarified that negotiations with China and the UK are “behind us for now,” but suggested that the “flow” of rare earth minerals from China to the US could soon resume. This follows a recent announcement by Beijing approving exports of these critical materials.
“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 concluded. He stressed that if countries fail to strike agreements, Trump is ready to reimpose the higher tariffs that previously sent shockwaves through global markets.
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