Bessent says trade talks could be finished by Labor Day
Treasury Secretary Scott Bessent on Friday signaled that the Trump administration's tariff negotiations with more than a dozen trading partners could stretch until September.
'We have 18 important trading partners — U.K., China are behind us for now — and then Secretary [Howard] Lutnick said yesterday that he expects 10 more deals. 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,' Bessent told Fox Business's Maria Bartiromo.
President Donald Trump on Friday also told reporters the previously announced July deadline remains flexible during a press conference.
"We can do whatever we want," Trump said. "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.'"
The comments echo similar messaging from other administration officials, including White House Council of Economic Advisers Chair Stephen Miran, who said Thursday that Trump may decide to extend the previously announced July 8 deadline for certain countries.
'As President Trump has said, he's created maximum negotiating leverage for Ambassador [Jamieson] Greer, 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 said.
The Trump administration has threatened to slap tariffs as high as 50 percent on dozens of trading partners if they don't strike deals by July 8, with those that do ink agreements still subject to a baseline rate of 10 percent.
Miran said Thursday some countries could 'convince the president to lower tariffs below 10 percent' with 'aggressive concessions.'
U.S. stocks hit record highs Thursday after Trump said the U.S. had reached an agreement with China. Commerce Secretary Lutnick said in a Thursday interview with Bloomberg Radio that the administration is finalizing deals with 10 key trading partners.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
18 minutes ago
- Yahoo
Gun range could become skatepark or energy centre
A former rifle range and undercroft by Blackfriars Bridge could find a new use as a skatepark or energy centre. The site has been occupied since 2017 by Bazalgette Tunnel Ltd for the construction of the Thames Tideway tunnel. It will now return to either the City of London Corporation or Transport for London once it is determined which of the two bodies is the legal owner. Thames Water will manage the foreshore, which will include a café. The shooting range was shut down to allow for the construction of the tunnel and sits beneath the undercroft. A report by the corporation noted the undercroft was "historically associated with antisocial behaviour" and has been inaccessible, with hoardings around it for decades. Three proposals have been put forward for the redevelopment of the site: A dedicated space for skateboarding and wheeled sports An energy centre delivering low-carbon heat Commercial options, such as kiosks and food and drink outlets A corporation spokesperson said the site was still being used to store materials related to the Tideway Tunnel. A further report detailing costs for each of the reuse options is to be presented to the City of London Corporation committee in early 2026. Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, X and Instagram. Send your story ideas to
Yahoo
19 minutes ago
- Yahoo
Canada retaliates against U.S. steel imports after Trump terminates trade talks
President Donald Trump said Friday that he had terminated trade discussions with Canada, citing an incoming Canadian tax on tech companies including those based in the U.S. In a post on Truth Social, Trump referred to Canada as "a very difficult country to trade with" and said that its levy on tech firms — the first payment for which is due Monday — "is a direct and blatant attack on our Country." "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," he said. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period." Last week Canada's finance minister said that he would not delay implementation of the digital services tax — which applies to any tech company making more than $15 million from Canadian internet users — even as U.S. trade talks continue. A lobbying group for some tech giants said the tax, which is retroactive to 2022, would cost U.S. companies as much as $3 billion. Those payments are due beginning June 30. The office of Canadian Prime Minister Mark Carney didn't immediately respond to a request for comment. But late Friday, Canada retaliated against the U.S. by imposing a quota on some steel imports and a 50% surcharge for imports that exceed the quota. Canada's finance minister said the government was acting to protect its industry from "unjust U.S. tariffs." Canada's government said it "remains prepared to take additional steps as needed." Trump's post cuts short what had been a relatively calm period of trade-related announcements — a stretch that had helped markets recover to the all-time highs seen in February. Shortly after Trump's post went live, the S&P 500 and Nasdaq indexes briefly turned negative but rallied later in the afternoon to close at all-time highs. Friday had begun with encouraging comments from Treasury Secretary Scott Bessent, who indicated the president was open to moving the previously announced deadline for trade deals from July 9 to Labor Day — and that country-by-country duties themselves were negotiable. A few hours later, Trump said that initial July 9 deadline was not set in stone, saying the U.S. could either extend or shorten it. Canada is the second-largest U.S. trading partner. Currently, the U.S. has a tariff rate of 25% applied to Canadian imports that don't comply with the U.S.-Mexico-Canada Agreement, the trade deal Trump inked during his first term before he upended it with a flurry of tariff announcements in his second. The 25% tariff on non-compliant Canadian goods excludes energy products, which are subject to a 10% rate. Canada is also heavily impacted by Trump's 50% tax on steel and aluminum imports — the country is the largest foreign supplier of those materials to the U.S. And it has also been impacted by the 25% duties Trump has imposed on foreign-made vehicles and auto parts. This article was originally published on
Yahoo
23 minutes ago
- Yahoo
Your Daily Work Horoscope for June 28, 2025
Your Daily Work Horoscope for June 28, 2025. Discover your Daily Work Horoscope for each zodiac sign here. You've reached a point where you want to undertake something new. It might be a small project or a big career move. Either way, it's definitely time to get started and forge a new path. Push your ideas up to the front of the pack. You have your finger on the pulse of the masses, and you'll find it simple to devise messages and strategies that appeal to the broadest market. You're more absentminded than usual, and you might accidentally let the wrong information pass into the wrong hands. Be extra careful with important documents and confidential information. Even though you're surrounded by hysteria, you are calm, cool, and collected. Let them freak out and wear themselves down while you charge up and explore new avenues to get the job done. You have plenty going on without any added work, and it might be hard to focus on the business before you. Don't launch any new projects today if you can help it. Attend to your priorities. Discover why 2022 is the year you've been waiting for with your 2022 Premium Horoscope Momentum is on your side. Use it to your advantage. A surge of energy helps you manifest your ambitions more concretely than before. Work toward immediate goals and long-term milestones. You should be able to get a leg up on the competition once you've figured out what's really going on. Things are not what they seem, but just knowing that fact is more than half the battle. As usual, you're the most organized person in the office. Offer assistance if you think it will help. Try to cut other folks some slack as they flail and spin their wheels while you motor forward. You have to focus on the right stuff now. If it feels like you have too much on your plate, clear it off by getting your peers to take over some of the less important tasks. Iit's all about delegation! Your philosophy perfectly matches what's going on in your office and industry. Pursue long-term strategic thinking. Don't hesitate to touch on your mission and vision if you can influence that level. Shared work is easier for everyone. If you all see you're on the same side, productivity can only increase. This is a great time to remind teammates and coworkers of your common goals. The only way to move ahead is by staying put and being patient. Your seeming passivity will sound the alarm in enemy camps and send them running in the wrong direction. It's all about strategy. Find your cosmic purpose. Receive personalized astrological guidance with Astrology+.
