Ongoing trade negotiations between the United States and multiple countries remain in focus after President Donald Trump signalled potential flexibility around the upcoming July 8 deadline. These discussions have implications for tariffs and broader international economic relations.
President Donald Trump stated on Wednesday that he would consider extending the July 8 deadline for concluding trade negotiations, provided other countries are negotiating in good faith. This date marks the end of a 90-day pause on sweeping reciprocal tariffs first announced in April.
Addressing reporters at the Kennedy Centre, Trump said negotiations were active with about 15 countries, including South Korea, Japan and the European Union. He stressed that the US was moving steadily towards multiple trade agreements and that all parties involved were showing interest in finalising deals.
President Trump announced that the US government would soon begin issuing formal letters outlining trade deal terms. These letters would give countries the option to accept or reject the proposed terms outright.
“At a certain point, we’re just going to send letters out saying, ‘This is the deal. You can take it, or you can leave it,’” Trump said, indicating that while negotiations remain open, the administration is preparing to finalise terms.
US Treasury Secretary Scott Bessent appeared before both the House Ways and Means Committee and the Senate Appropriations Committee on Wednesday. In both sessions, Bessent affirmed that extensions to the July 8 deadline could be granted for countries demonstrating good-faith negotiations.
He specified that blocs such as the EU had recently shown greater engagement. Bessent said, “It is highly likely that those countries — or trading blocs, as is the case with the EU, who are negotiating in good faith, we will roll the date forward.”
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Only one trade agreement has been finalised so far, with the United Kingdom. Seventeen others are in various stages of negotiation. The US and China reached a separate agreement in London on Tuesday, which follows a different schedule with an August 10 deadline.
During congressional hearings, Democratic Representative Don Beyer of Virginia remarked that markets only responded positively when the Trump administration softened its policy positions. He pressed Secretary Bessent for clarity on the likely outcomes as the July deadline nears.
Bessent reaffirmed, “As I have said repeatedly, there are 18 important trading partners. We are working toward deals with those,” while reiterating the possibility of deadline extensions where justified.
With the July 8 deadline approaching, President Trump and Treasury officials have left the door open for extended negotiations, depending on the conduct of participating countries. While final deal letters are expected soon, the evolving nature of the talks continues to shape global trade dynamics and investor sentiment.
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Published on: Jun 12, 2025, 1:12 PM IST
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