Washington: U.S. Treasury Secretary Scott Bessent announced on Friday that the Trump administration could finalize its trade agreements with various countries by Labor Day on September 1. The statement was made during an interview with Fox Business, as the U.S. continues trade discussions with South Korea, Japan, and other nations concerning reciprocal tariffs and related trade issues.
According to Yonhap News Agency, Bessent emphasized that Washington has successfully negotiated a deal with Britain and reached an accommodation with China. He expressed optimism about concluding deals with 10 or 12 of the 18 key trading partners, highlighting the importance of these relationships in achieving the administration's trade objectives by the targeted date.
President Donald Trump had initially announced the implementation of reciprocal tariffs on April 2, intended to correspond with those imposed by other countries on U.S. goods. These tariffs were set to take effect on April 9 but were temporarily suspended for 90 days to allow for further negotiations. The suspension period is set to end on July 8, prompting countries like South Korea to seek a resolution before that deadline.
White House press secretary Karoline Leavitt mentioned on Thursday that the pause on tariffs could be extended, though a final decision from the president is pending.