English
Spanish
French
German
Italian
Portuguese
Russian
Chinese (Simplified)
Hindi
Japanese
The Trump administration is “highly likely” to extend next month’s deadline for countries to agree one-for-one trade deals — so long as they are engaged in “good-faith negotiations,” Treasury Secretary Scott Bessent told lawmakers Wednesday.
With a July 8 deadline looming for dozens of nations to strike lightning-quick agreements with the White House, Rep. Don Beyer (D-Va.) pressed Bessent about whether more time will be given.
“I would say, as I have repeatedly said, that there are 18 important trading partners,” Bessent told the tax-writing House Ways and Means Committee.
“It is highly likely that [with] those countries … or trading blocs in the case of the EU, who are negotiating in good faith, we will roll the day forward to continue good faith negotiations. If someone is not negotiating, then we will not.”
On April 2, which Trump dubbed “Liberation Day,” he unveiled a 10% baseline tariff on virtually all imports flowing into the US and a myriad of customized rates on almost every country.
Seven days alter, Trump announced a 90-day pause on those customized rates to give time to negotiate deals.
The White House has since claimed that last week was the deadline for countries to furnish their best offers on trade.
Trump has also imposed a few other key trade deadlines, agreeing last month to delay a 50% planned tariff against the European Union until July 9 after it was set to take effect June 1.
The administration has also reached an understanding on trade with the United Kingdom and earlier Wednesday, Trump confirmed progress with China on a “deal” for a trade negotiation framework.
Should Trump and Chinese leader Xi Jinping approve the agreement, it will revive key elements of a trade truce with Beijing brokered in Geneva last month.
That framework was intended to give the two economic giants until Aug. 10 to cut a more comprehensive trade arrangement.
The Geneva arrangement saw China lower its tariffs on most US goods to 10% from 125%, and the US lower its duties down from as high as 145% after the two sides penalized each other in the aftermath of “Liberation Day.”
Under the latest arrangement, China will face up to 55% tariffs on most exports, according to Trump.
In addition to the 10% baseline rate and the tariffs on China, Trump has imposed a 25% rate on imports from Canada and Mexico that aren’t subject to the US-Mexico-Canada Agreement, a 25% duty on foreign steel and aluminum imports, and another 25% levy on most foreign-made vehicles.
