Trump indicates openness to extend tariff pause, but says it may not be necessary

Korea Herald

3 days ago

US President Donald Trump on Wednesday signaled his openness to extending a temporary pause on "reciprocal" tariffs, but said an extension might not be necessary, as he touted a "great" trade deal with China.
Trump made the remarks after Treasury Secretary Scott Bessent hinted that the 90-day pause on "reciprocal" tariffs, set to expire on July 8, could be extended for those engaging in trade negotiations with the United States "in good faith."
"I would, but I don't think we're going to have that necessity," he told reporters as he and first lady Melania Trump appeared to attend the opening night performance of "Les Miserables" at the John F. Kennedy Center for the Performing Arts in Washington.
"We made a great deal with China. We are very happy with it. We have everything we need, and we're going to do very well with it," he added.
He was responding to a reporter's question over whether he is willing to extend his self-imposed July 8 deadline for negotiations with trading partners.
Reciprocal tariffs, including 25 percent duties on South Korea, took effect on April 9, but Trump issued a three-month pause shortly afterward to allow for negotiations.
Trump noted that the US is currently dealing with South Korea, Japan and other countries in pursuit of a trade deal, while saying that his administration will send letters in around two weeks to tell them "what the deal is."
"At a certain point, we are just going to send letters out ... saying this is the deal. You can take it or you can leave it. You don't have to use it. You don't have to shop in the US as I say," he said.
"So at a certain point, we'll do that."
Noting that there are more than 150 countries seeking deals with the US, Trump indicated difficulties in handling all the negotiations.
"You can't do that. So we're going to be sending letters out in about a week and a half ... two weeks to countries, telling them what the deal is," he said.
During a House Ways and Means Committee hearing, Bessent raised the possibility of a deadline extension.
"I would say, as I have repeatedly said, that there are 18 important trading partners. We are working toward deals on those, and it is highly likely that those countries that are negotiating -- or trading bloc in the case of the EU -- in good faith, we will roll the date forward to continue the good-faith negotiations," the secretary said.
"If someone is not negotiating, then we will not," he added.
Bessent pointed out that many of the 18 trading partners have presented "good offers" and are working in good faith.
"It will be up to President Trump, but it is my belief that if someone is negotiating in good faith, an extension will be possible," he said.
Seoul has been seeking to reach a wide-ranging deal with Washington over new US tariffs, South Korea's non-tariff barriers, and bilateral economic and industrial cooperation before the pause on reciprocal tariffs expires next month.
During a phone call last week, newly elected South Korean President Lee Jae-myung and Trump agreed to work together to swiftly reach a mutually satisfactory trade agreement. (Yonhap)