US Treasury Chief Says Key Trade Agreements Could Be Finalized by September
US Treasury Secretary Scott Bessent said Friday that Washington could finalize major trade deals with over a dozen key partners in the coming months, aiming to wrap up the administration’s trade agenda by early September.
Speaking to Fox Business, Bessent indicated that several countries are racing to strike deals ahead of a July 9 deadline, when higher U.S. tariffs are set to take effect on a broad group of economies. However, the White House has hinted that the deadline could be pushed back.
“If we can ink 10 or 12 of the important 18 [partners], and then move on to another 20 relationships, I think we could have trade wrapped up by Labor Day,” Bessent said. Labor Day in the U.S. falls on September 1.
Deadline Pressure but Flexibility Remains
The July 9 deadline was established after President Donald Trump in April imposed a 10% blanket tariff on most of America’s trading partners and introduced higher rates on dozens of economies. While these tariffs were temporarily paused to allow for negotiations, the reprieve is set to expire soon.
Commerce Secretary Howard Lutnick told Bloomberg Television on Thursday that the administration plans to focus on 10 major deals, with other agreements to follow in a second tier.
“We’re going to do top 10 deals, put them in the right category, and then these other countries will fit behind,” Lutnick said.
White House Press Secretary Karoline Leavitt also clarified that while July 9 remains a key date, it’s not set in stone:
“It could be extended, but that’s a decision for the president to make,” she told reporters.
Progress So Far
So far, the US has reached a trade agreement with the United Kingdom and temporarily scaled back retaliatory tariffs with China, signaling progress even as many negotiations remain ongoing.
With the clock ticking, dozens of nations are accelerating talks to avoid steeper duties, which could affect a wide range of sectors and trading relationships.
