U.S. Treasury Secretary Scott Bessent testifies earlier than the Home Methods and Means Committee within the Rayburn Home Workplace Constructing on June 11, 2025 in Washington, DC. Bessent testified on the priorities of the Treasury Division.
Kevin Dietsch | Getty Photographs
Treasury Secretary Scott Bessent signaled the Trump administration’s openness on Wednesday to extending President Donald Trump’s present 90-day tariff pause past July 9 for the USA’ prime buying and selling companions, so long as they present “good religion” in ongoing commerce negotiations.
The U.S. has 18 “vital buying and selling companions,” Bessent stated at a listening to earlier than the Home Methods and Means Committee in Washington. The Trump administration, he stated, is “working towards offers” with these international locations.
“It’s extremely possible,” stated Bessent, that for these international locations and buying and selling blocs, just like the European Union, “who’re negotiating in good religion,” the USA would “roll the date ahead to proceed good religion negotiations.”
“If somebody is just not negotiating, then we won’t,” he advised the Home’s tax writing committee.
Till now, Trump administration officers haven’t recommended that they’re open to transferring again the 90-day tariff pause with out at the least “terms of an agreement” earlier than the pause expires.
Bessent’s remarks point out that the Trump administration may be extra inclined to shift the self-imposed deadline because it will get nearer.
President Donald Trump’s 90-day pause on reciprocal tariffs, announced on April 9, is ready to finish in lower than a month.
Trump officers have repeatedly stated that they’re near inking commerce offers with half a dozen international locations. However to date, the White Home has solely introduced a proper commerce settlement with the United Kingdom and a framework settlement with China.
The U.S.- China deal was introduced earlier on Wednesday, however the full particulars of the settlement have been unclear.