Trade talks probably won’t be done by Trump’s July 9 deadline, Treasury Secretary Bessent says

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"Treasury Secretary Bessent suggests trade negotiations may extend beyond July 9 deadline"

Trade talks probably won’t be done by Trump’s July 9 deadline, Treasury Secretary Bessent says analysis cover image CNN 7.8
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Original Article Source: https://edition.cnn.com/2025/06/27/business/trade-deals-bessent-deadline
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Treasury Secretary Scott Bessent has indicated that the timeline for concluding trade negotiations may extend beyond President Trump's previously set July 9 deadline. In an interview with Fox Business, he expressed optimism that a resolution could be achieved by Labor Day, suggesting a more flexible approach to finalizing deals with the United States' 18 key trading partners. Bessent noted that if the administration can secure agreements with 10 to 12 of these partners, it would be feasible to have the trade discussions wrapped up by the end of the summer. So far, the Trump administration has only finalized a trade deal with the United Kingdom and reached a temporary truce in its ongoing trade conflict with China, highlighting the complexities involved in the negotiations.

Bessent also addressed the issue of rare earth minerals, stating that exports from China are expected to resume following discussions between President Trump and Chinese President Xi. He mentioned that the flow of these critical materials had not been progressing as initially arranged but expressed confidence that an agreement has been reached, allowing for their return to the U.S. The discussions between U.S. and Chinese representatives in Geneva and London have laid the groundwork for this trade truce. Bessent cautioned that if agreements are not finalized, President Trump remains open to reinstating significant tariff levels that were in place earlier this year. As the July 9 deadline looms, both Wall Street and Capitol Hill are closely monitoring the developments in trade negotiations, eager for clarity on the path forward.

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Source URL: https://edition.cnn.com/2025/06/27/business/trade-deals-bessent-deadline

Treasury Secretary Scott Bessent on Friday said he thinks trade negotiations could be “wrapped up” by Labor Day, providing a more relaxed framework for inking deals than the previouslyprescribed July 9 deadline.

Bessent said in an interview on Fox Business that the United States has 18 “important trading partners” that it is seeking to make deals with.

“If we can ink 10 or 12 of the important 18 … then I think we could have trade wrapped up by Labor Day,” Bessent said.

The Trump administration so far has announced only a trade deal with the United Kingdom and a truce in its trade war with China.

“With all things, they get done in the end. You have to put on a deadline,” Bessent said. “As you and I know, nothing gets done in Washington well in advance.”

Bessent also said that he expects rare earth minerals from China to start to “flow” back into the United States. China earlier on Friday announced it wouldapprove the export of rare earth mineralsto the United States.

“They were not flowing as fast as previously agreed,” Bessent said. “President Trump and President Xi had a phone call, and then our teams met in London, ironed this out, and I am confident now that as we agreed, the magnets will flow.”

Representatives from Washington and Beijing met in Geneva to discuss trade in May and then met again in London to announce a framework for implementing the trade truce.

Bessent said trade negotiations with China and the United Kingdom are “behind us for now.”

Bessent said if countries don’t get a deal done, President Donald Trump is open to reverting back to April 2 massive “reciprocal” tariff levels.

Wall Street and Capitol Hill have been fixated on when more trade deals might be announced, with the supposed July 9 deadline approaching.

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Source: CNN