US eyes key trade deals by September, says Treasury chief
WASHINGTON: US Treasury Secretary Scott Bessent said Friday that Washington could reach key tariff deals with over a dozen partners in the coming months and have its trade agenda wrapped up by early September.
His comments to Fox Business come ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies.
Countries have been rushing to negotiate and reach trade pacts with Washington to avoid this outcome, although the White House recently suggested that President Donald Trump's administration could extend this deadline.
On Friday, Bessent noted that Commerce Secretary Howard Lutnick has expressed expectations for 10 deals with trading partners.
The Treasury chief reiterated that there are 18 key partners the United States is focusing on agreements with.
"If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. That holiday falls on September 1.
A day prior, Lutnick told Bloomberg Television when asked about the July deadline: "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind."
White House Press Secretary Karoline Leavitt also told reporters Thursday that the deadline "could be extended, but that's a decision for the president to make."
She said the date itself is "not critical."
In April, Trump imposed a sweeping 10 per cent tariff on most trading partners and unveiled higher rates on dozens of economies before pausing them while negotiations took place. This halt is due to expire July 9.
So far, the United States has announced a pact with the UK and temporarily lowered steep tit-for-tat tariffs with China.--AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
4 hours ago
- New Straits Times
US, China seal framework deal on trade, rare earths in focus
BEIJING: China confirmed Friday details on the framework of a trade deal with the United States, saying Washington would lift "restrictive measures" while Beijing would "review and approve" items under export controls. A top priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defence equipment. China, which dominates global production of the elements, began requiring export licences in early April, a move widely viewed as a response to blistering tariffs imposed by President Donald Trump. The two sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat tariffs on each other's products. China also committed to easing some non-tariff countermeasures but US officials later accused Beijing of violating the pact and slow-walking export licence approvals for rare earths. They eventually agreed on a framework to move forward with their Geneva consensus following talks in London this month. A White House official told AFP on Thursday that the Trump administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement." That clarification came after the US president told an event that Washington had "just signed" a deal relating to trade with China, without providing further details. Beijing confirmed on Friday that an agreement had been reached. "It is hoped that the United States and China will meet each other halfway," a spokesperson for the commerce ministry said in a statement. It said both sides had "further confirmed the details of the framework." Under the deal, China "will review and approve applications for the export control items that meet the requirements in accordance with the law." "The US side will correspondingly cancel a series of restrictive measures against China," the commerce ministry said. US Treasury Secretary Scott Bessent said Friday that Washington could wrap up its agenda for trade deals by early September, indicating more agreements could be concluded although likely extending past an upcoming deadline. Speaking to Fox Business ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies, Bessent reiterated that there are 18 key partners Washington is focused on pacts with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labour Day," Bessent said. That holiday falls on September 1. About the July date, US Commerce Secretary Howard Lutnick told Bloomberg Television on Thursday that "we're going to do top 10 deals, put them in the right category, and then these other countries will fit behind." Countries have been moving to negotiate and reach trade pacts with Washington to avoid further tariff hikes following a 10 per cent levy Trump imposed on most trading partners in April. Wall Street's major indexes bounced on hopes for deals with China and others. The broad-based S&P 500 hit a new record in a stunning comeback from lows in April, while most stock markets rose in Europe and Asia indexes were mixed. The White House suggested Thursday that the Trump administration could extend the July deadline. Press secretary Karoline Leavitt told reporters Thursday: "Perhaps it could be extended, but that's a decision for the president to make." She added: "The deadline is not critical." "The president can simply provide these countries with a deal if they refuse to make us one by the deadline," she said.
New Straits Times
5 hours ago
- New Straits Times
US eyes key trade deals by September, says Treasury chief
WASHINGTON: US Treasury Secretary Scott Bessent said Friday that Washington could reach key tariff deals with over a dozen partners in the coming months and have its trade agenda wrapped up by early September. His comments to Fox Business come ahead of a July 9 deadline for steeper US duties to kick in on dozens of economies. Countries have been rushing to negotiate and reach trade pacts with Washington to avoid this outcome, although the White House recently suggested that President Donald Trump's administration could extend this deadline. On Friday, Bessent noted that Commerce Secretary Howard Lutnick has expressed expectations for 10 deals with trading partners. The Treasury chief reiterated that there are 18 key partners the United States is focusing on agreements with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said. That holiday falls on September 1. A day prior, Lutnick told Bloomberg Television when asked about the July deadline: "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind." White House Press Secretary Karoline Leavitt also told reporters Thursday that the deadline "could be extended, but that's a decision for the president to make." She said the date itself is "not critical." In April, Trump imposed a sweeping 10 per cent tariff on most trading partners and unveiled higher rates on dozens of economies before pausing them while negotiations took place. This halt is due to expire July 9. So far, the United States has announced a pact with the UK and temporarily lowered steep tit-for-tat tariffs with China.--AFP
The Sun
5 hours ago
- The Sun
US-China deal speeds up rare earth exports from China
WASHINGTON: The United States and China have resolved issues surrounding shipments of rare earth minerals and magnets to the U.S., Treasury Secretary Scott Bessent said on Friday, ironing out a dispute that stalled a deal reached in May. As part of its retaliation against new U.S. tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. During U.S.-China trade talks in May in Geneva, Beijing committed to removing the measures imposed since April 2, but those critical materials were not moving as fast as agreed, Bessent said in an interview with Fox Business Network, so the U.S. put countermeasures in place. 'I am confident now that we -- as agreed, the magnets will flow,' Bessent said. Efforts to resolve the dispute included a phone call between U.S. President Donald Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. Trump said on Thursday the United States had signed a deal with China the previous day, but did not provide details. A White House official said the United States has reached an agreement with China on how to expedite rare earth shipments to the U.S. 'The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement' that involved expediting their shipments to the U.S., the official said on Thursday. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for U.S. military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. In early June, Reuters reported China had granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface. Later in the month, Trump said there was a deal with China in which Beijing would supply magnets and rare earth minerals while the U.S. would allow Chinese students in its colleges and universities. While the agreement shows potential progress following months of trade uncertainty and disruption since Trump took office in January, it also underscores the long road ahead to a final, definitive trade deal between the two economic rivals.
