Commercial talks probably not to Trump's deadline on July 9th

Commercial talks probably not to Trump's deadline on July 9th

TEASURY Secretary Scott Bessent announced on Friday that he assumes that the trade negotiations could be completed by the day. This offers a more relaxed framework for the conclusion of contracts than the previously set deadline of July 9th. In an interview with Fox Business, Bessent said that the United States have 18 "important trading partners" with which deals are sought.

expectations of trade agreements

"If we can contract 10 or 12 of the important 18 countries, I think that we can conclude the trade negotiations to the Labor Day," said Bessent. So far, the Trump administration has only announced a trade agreement with the United Kingdom and a ceasefire in the trade war with China.

the need for deadlines

"As with everything, things are done in the end. You have to set a deadline," says Bessent. "As you and I know, nothing is done much too early in Washington."

rare earth from China

Bessent also commented on the rare earths that are supposed to flow back to the United States from China. China had previously announced on Friday that export rarer earth to the United States. "They didn't flow as quickly as previously agreed," said Bessent. "President Trump and President Xi had a phone call, and then our teams met in London to clarify this. I am now confident that, as we have agreed, the magnets will flow."

conversations in Geneva and London

representatives from Washington and Beijing met in Geneva in May to talk about the trade, and then came together again in London to announce a framework for the implementation of the commercial weapon rest. Bessent said that the trade negotiations with China and the United Kingdom "are behind us for the moment".

risk of tariffs

Bessent said that President Donald Trump was willing to return to the massive “mutual” customs levels of April 2 if it is not possible to achieve an agreement with the countries. Wall Street and Capitol Hill concentrate on the time when further trade agreements are announced, since the supposed period of July 9 is closer.