Trump refuses to extend tariff pause as key trade deals risk missing deadline
Photo: US President Donald Trump (Getty Images)
US President Donald Trump said he would not need to extend the deadline for the tariff pause to finalize trade deals with countries and avoid tariffs, Bloomberg informs.
"I don't think I'll need to. I could, no big deal," he said in an interview with Fox News, recorded on Friday.
Trump's comments followed his earlier remarks that day, in which he said the administration could do "whatever we want" with the deadline, including extending or shortening it.
"I'd like to make it shorter. I’d like to just send letters out to everybody, 'Congratulations, you’re paying 25%,'" he told reporters.
US may not meet the July 9 deadline for trade deals
Bloomberg notes that earlier this year, Trump and his advisers outlined ambitious plans for the trade negotiations period. They said they were negotiating with dozens of trade partners to reduce the trade deficit and remove barriers.
On Friday, US Treasury Secretary Scott Bessent expressed doubts about the timing of deal signings. He said "we have countries approaching us with very good deals," but not all deals may be completed by the date when Trump's import tariffs take effect.
"If we can ink 10 or 12 of the important 18 — there are another important 20 relationships — then I think we could have trade wrapped up by Labor Day," Bessent said in an interview.
Bloomberg points out that it remains unclear how comprehensive the trade agreements the administration hopes to finalize will be.
In particular, the deal with the United Kingdom, which Trump praised as comprehensive, still leaves critical issues unresolved. Additionally, the recently signed agreement with China leaves questions unanswered regarding fentanyl trade and access for American exporters to Chinese markets.
Recently, Trump suggested that India is one of the countries that may be close to signing a deal. It is noted that a group of Indian trade officials held meetings with Washington officials last week.
Trump's tariffs
The Trump administration introduced import tariffs against most US trade partners in April this year. Tariffs ranged from 10% to 49%.
However, Trump soon announced a 90-day tariff pause until July 9 to finalize trade deals with countries. At the same time, the base 10% tariff still took effect.
Speaking about the letters, Trump recently announced that foreign governments will receive them soon. The letters will specify the tariff rates these countries will have to pay on goods imported into the US.
It should be noted that this applies to countries that do not reach an agreement with Washington.
