Treasury Secretary Scott Bessent indicated on Wednesday that the Trump administration may consider extending the current 90-day tariff suspension set to expire on July 9 for America’s primary trading partners, contingent upon their demonstration of “good faith” during ongoing trade negotiations.
During his testimony before the House Ways and Means Committee in Washington, Bessent identified 18 “important trading partners” that the U.S. is actively engaging with as part of its trade strategy. He emphasized that the administration is “working toward deals” with these nations.
Bessent expressed optimism regarding the possibility of extending the tariff pause for countries and trading blocs, such as the European Union, that are demonstrating a commitment to negotiations. “It is highly likely,” he stated, that these nations would benefit from a continuation of good faith discussions.
Conversely, he warned that the U.S. would not extend negotiations with countries that are not cooperating. “If someone is not negotiating, then we will not,” he remarked to the committee.
This marks a shift from previous statements by Trump administration officials, who had maintained that any extension of the 90-day tariff pause would require at least preliminary terms of an agreement before the deadline expiration.
Bessent’s comments suggest an evolving perspective within the administration as the deadline approaches, indicating a potential willingness to adjust the timeline based on the progress of negotiations.
President Trump’s 90-day tariff suspension, first announced on April 9, is set to end soon.
While Trump officials have suggested they are nearing trade agreements with several nations, to date, the White House has only confirmed a formal trade deal with the United Kingdom and a preliminary framework agreement with China.
The agreement with China was highlighted earlier on Wednesday, although specific details of the arrangement remain vague.
