The United States has made it clear that it will not rush to finalise trade agreements ahead of the looming August 1 deadline for higher tariffs, stressing that strong and comprehensive deals take precedence over timing.
U.S. Treasury Secretary Scott Bessent told CNBC that the Trump administration is committed to securing meaningful trade pacts, even if it means missing the deadline. “We’re not going to rush for the sake of doing deals,” Bessent said, adding that the final decision on extending the deadline rests with President Trump.
Bessent noted that reverting to higher tariffs after August 1 could serve as added leverage. “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 to come up with better agreements,” he said.
He also hinted at upcoming talks with China and raised concerns about Beijing’s purchases of sanctioned Iranian and Russian oil. On Europe, Bessent encouraged allies to consider secondary tariffs on Russia, should the U.S. move in that direction.
Commenting on Japan, the Treasury Secretary said Washington remains focused on achieving trade terms favourable to the U.S., with less concern about Japan’s domestic political environment.
