Trade talks probably won't be done by Trump's July 9 deadline, Treasury Secretary Bessent says
Treasury Secretary Scott Bessent on Friday said he thinks trade negotiations could be 'wrapped up' by Labor Day, providing a more relaxed framework for inking deals than the previously prescribed July 9 deadline.
Bessent said in an interview on Fox Business that the United States has 18 'important trading partners' that it is seeking to make deals with.
'If we can ink 10 or 12 of the important 18 … then I think we could have trade wrapped up by Labor Day,' Bessent said.
The Trump administration so far has announced only a trade deal with the United Kingdom and a truce in its trade war with China.
'With all things, they get done in the end. You have to put on a deadline,' Bessent said. 'As you and I know, nothing gets done in Washington well in advance.'
Bessent also said that he expects rare earth minerals from China to start to 'flow' back into the United States. China earlier on Friday announced it would approve the export of rare earth minerals to the United States.
'They were not flowing as fast as previously agreed,' Bessent said. 'President Trump and President Xi had a phone call, and then our teams met in London, ironed this out, and I am confident now that as we agreed, the magnets will flow.'
Representatives from Washington and Beijing met in Geneva to discuss trade in May and then met again in London to announce a framework for implementing the trade truce.
Bessent said trade negotiations with China and the United Kingdom are 'behind us for now.'
Bessent said if countries don't get a deal done, President Donald Trump is open to reverting back to April 2 massive 'reciprocal' tariff levels.
Wall Street and Capitol Hill have been fixated on when more trade deals might be announced, with the supposed July 9 deadline approaching.
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