Both U.S. Treasury Secretary and Trump "Loosen Their Stance": Willing to Extend Tariff Suspension Period

On Wednesday local time, US Treasury Secretary Bessent said that the Trump administration is willing to extend the current 90-day tariff suspension period for major US trading partners beyond July 9, as long as they demonstrate "good faith" in ongoing trade negotiations.

At a hearing before the House Ways and Means Committee, Bessent stated that the US has 18 "important trading partners," and the Trump administration is "working hard to reach agreements with these countries."

Bessent indicated that for countries and trading blocs negotiating in good faith, such as the European Union, the US is "very likely" to "extend the deadline to continue sincere negotiations".

"If countries don't negotiate, then we won't do that," Bessent said.

Meanwhile, US President Trump also expressed willingness on Wednesday to extend the deadline for trade negotiations, but he does not consider it necessary.

"At some point, we will send letters asking countries to decide whether to accept or reject (the trade agreement). We will send the letters within a week and a half," he told reporters.

In early April, Trump announced the so-called "reciprocal tariff" and subsequently suspended it for 90 days for the vast majority of countries and regions, while maintaining a base tariff rate of 10% until July 9. The US is currently using this period to negotiate with major trading partners.

Trump administration officials have repeatedly stated that they are on the verge of signing trade agreements with multiple countries. However, so far, the US has only reached limited agreements with a handful of countries.

Prior to this, Trump administration officials had never indicated a willingness to extend the 90-day tariff suspension period without "terms of an agreement."

The remarks by Bessent and Trump suggest that with less than a month remaining until the end of the 90-day tariff suspension period, the Trump administration may be more inclined to adjust the deadlines it has set.