Key trade agreements could potentially be finalized by September, as per the U.S. Treasury Secretary's statement.
In a chat with Fox Business, US Treasury Secretary Scott Bessent dropped a bombshell on Friday. He revealed that the Trump administration is hoping to close key tariff deals with over a dozen major trading partners within the following months, potentially wrapping up the trade agenda by early September, otherwise known as Labor Day.
With a July 9 deadline fast approaching for steeper US duties to take effect on numerous economies, nations have been rushing to negotiate and ink trade pacts with Washington to dodge this fate. However, the White House has hinted that they might extend this deadline.
On the same day, Bessent mentioned that Commerce Secretary Howard Lutnick anticipates striking 10 deals with trading partners. Echoing this sentiment, the Treasury chief articulated that the US has its sights set on agreements with 18 essential trading partners.
"If we can get 10 or 12 of the important 18 deals done, there are another 20 significant relationships. I believe we could have trade all wrapped up by Labor Day," Bessent stated, with Labor Day falling on September 1.
These negotiations reflect a broader initiative to ease worldwide tariff policies implemented during the Trump era, encompassing adjustments such as pruning overlapping tariffs and fine-tuning tariff exemptions.
Seems like the Treasury Secretary is trying to strike significant tariff and trade agreements with China, the UK, and a dozen other key trading partners by early September, aiming to reduce trade tensions and enhance supply chains, especially for essential items like rare earth magnets.
- The Treasury Secretary aims to accomplish around 10 to 12 significant tariff and trade agreements with a focus on key trading partners by early September.
- The US has set its sights on striking trade agreements with 18 essential trading partners, including China and the UK, as part of an effort to ease global tariff policies.
- The Treasury Secretary's negotiations aim to reduce trade tensions and improve supply chains, particularly for essential items like rare earth magnets, among over a dozen major trading partners.
