U.S. Treasury Secretary Scott Bessent stated during a Monday press conference that the Trump administration seeks substantial trade agreements instead of rushing to meet the upcoming August 1 tariff deadline.
Bessent announced that the White House might extend the August 1 deadline for countries which maintain active trade negotiations with Washington. The President Trump holds complete authority to choose between maintaining the current deadline or implementing extensive tariffs between 20% and 50%.
Bessent informed CNBC that returning to August 1 tariffs would create additional pressure to achieve more robust trade agreements. The upcoming discussions with China will focus on both sanctioned Iranian and Russian oil purchases and broader matters.
The Trump administration has announced plans to impose tariffs on multiple trade partners including the European Union and Japan as well as Canada and Brazil. The EU officials demonstrate growing doubts about the prospects of reaching a deal despite Commerce Secretary Howard Lutnick’s recent positive statements.
Bessent stated that the United States will enforce secondary sanctions against Russian oil customers while encouraging Europe to adopt Washington’s strict sanctions policy.
Bessent stated that U.S. trade priorities remain focused on obtaining the most advantageous terms for American industries despite potential domestic political challenges in Japan and other countries.
