Tariff hike: US rules out hasty trade deals
The United States has made it clear that it will not rush into finalizing trade agreements ahead of the looming August 1 deadline for increased tariffs. U.S. Treasury Secretary Scott Bessent emphasized that the administration’s priority is securing comprehensive and high-quality trade deals, not meeting arbitrary timelines. Speaking to CNBC, Bessent stated, “We’re not going to rush for the sake of doing deals.”
When asked whether the administration might consider extending the August 1 deadline for countries engaged in active negotiations, Bessent said that such a decision ultimately lies with President Donald Trump. However, he suggested that reverting to higher tariffs could actually incentivize better offers from other nations. “If we somehow boomerang back to the August 1 tariff, I would think that a higher tariff level will put more pressure on those countries,” he noted.
Bessent also hinted at the possibility of renewed trade talks with China. While he acknowledged the current stability in trade relations, he raised concerns about China’s continued purchase of sanctioned oil from Iran and Russia. He indicated that these issues could form part of a broader agenda in upcoming negotiations.
On the geopolitical front, the Treasury Secretary expressed support for possible secondary tariffs on Russia, urging European allies to consider similar measures if the U.S. decides to escalate its economic stance. This reflects a broader strategic push by Washington to exert coordinated pressure on adversarial regimes through economic means.
Addressing trade relations with Japan, Bessent dismissed concerns about Japan’s internal political dynamics, instead underlining the U.S. interest in crafting a deal that benefits American stakeholders. He also described a need for a “great rebalancing” within China’s economy, hinting at structural issues that could be addressed in future negotiations.
Source: punch