US Not Rushing Trade Deals Ahead of August Deadline: Treasury's Bessent
Treasury Secretary Scott Bessent emphasizes quality over timing in trade negotiations.
The Trump administration is prioritizing the quality of trade agreements over their timely completion, according to US Treasury Secretary Scott Bessent.
This stance comes as the country approaches an August 1 deadline for securing trade deals or facing increased tariffs.
Bessent stated that the administration is not inclined to rush into agreements for the sake of meeting this deadline.
Instead, they are placing pressure on countries engaged in negotiations by the prospect of higher tariffs if no deals are reached by then.
Negotiations with key trading partners such as India, the European Union, and Japan have proven challenging.
The White House press secretary has indicated that discussions around trade may take place during President Donald Trump's meeting with Philippine President Ferdinand Marcos Jr., scheduled for Tuesday.
The administration is reportedly considering additional trade deals or tariffs before the deadline but has provided no further details.
In response to these developments, the European Union is exploring broader counter-measures against the US.
This move comes as the likelihood of a favorable trade agreement diminishes.
EU members, including Germany, are now discussing 'anti-coercion' measures that could target US services or limit access to public tenders if a deal is not reached.
Regarding China, Bessent announced that trade talks with the country are imminent.
He highlighted issues such as China's large purchases of Iranian and Russian oil as potential topics for discussion.
Additionally, he mentioned the need for China to address its overcapacity in various manufacturing sectors, a concern previously raised by US officials.
In Japan, the administration is focused on securing the best possible trade deal rather than being swayed by domestic political developments.
Ryosei Akazawa, Japan's chief tariff negotiator, returned to Washington for further negotiations after facing political setbacks in his home country.
Meanwhile, Indian trade negotiators have returned from talks in Washington with little hope of signing an interim trade agreement before the deadline.
Overall, the Trump administration remains committed to its trade negotiations despite the complexities and challenges faced during these talks.
This stance comes as the country approaches an August 1 deadline for securing trade deals or facing increased tariffs.
Bessent stated that the administration is not inclined to rush into agreements for the sake of meeting this deadline.
Instead, they are placing pressure on countries engaged in negotiations by the prospect of higher tariffs if no deals are reached by then.
Negotiations with key trading partners such as India, the European Union, and Japan have proven challenging.
The White House press secretary has indicated that discussions around trade may take place during President Donald Trump's meeting with Philippine President Ferdinand Marcos Jr., scheduled for Tuesday.
The administration is reportedly considering additional trade deals or tariffs before the deadline but has provided no further details.
In response to these developments, the European Union is exploring broader counter-measures against the US.
This move comes as the likelihood of a favorable trade agreement diminishes.
EU members, including Germany, are now discussing 'anti-coercion' measures that could target US services or limit access to public tenders if a deal is not reached.
Regarding China, Bessent announced that trade talks with the country are imminent.
He highlighted issues such as China's large purchases of Iranian and Russian oil as potential topics for discussion.
Additionally, he mentioned the need for China to address its overcapacity in various manufacturing sectors, a concern previously raised by US officials.
In Japan, the administration is focused on securing the best possible trade deal rather than being swayed by domestic political developments.
Ryosei Akazawa, Japan's chief tariff negotiator, returned to Washington for further negotiations after facing political setbacks in his home country.
Meanwhile, Indian trade negotiators have returned from talks in Washington with little hope of signing an interim trade agreement before the deadline.
Overall, the Trump administration remains committed to its trade negotiations despite the complexities and challenges faced during these talks.
