US Treasury chief says key trade deals may come by September

WASHINGTON: US Treasury Secretary Scott Bessent said on Friday (Jun 27) that Washington could reach key tariff deals with over a dozen partners in the coming months and have its trade agenda wrapped up by early September.

His comments to Fox Business come ahead of a Jul 9 deadline for steeper US duties to kick in on dozens of economies.

Countries have been rushing to negotiate and reach trade pacts with Washington to avoid this outcome, although the White House recently suggested that President Donald Trump's administration could extend this deadline.

On Friday, Bessent noted that Commerce Secretary Howard Lutnick has expressed expectations for 10 deals with trading partners.

The Treasury chief reiterated that there are 18 key partners the United States is focusing on agreements with.

"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 Labour Day," Bessent said. That holiday falls on Sep 1.

A day prior, Lutnick told Bloomberg Television when asked about the July deadline: "We're going to do top 10 deals, put them in the right category, and then these other countries will fit behind."

White House Press Secretary Karoline Leavitt also told reporters Thursday that the deadline "could be extended, but that's a decision for the president to make".

She said the date itself is "not critical".

In April, Trump imposed a sweeping 10 per cent tariff on most trading partners and unveiled higher rates on dozens of economies before pausing them while negotiations took place. This halt is due to expire Jul 9.

So far, the United States has announced a pact with the UK and temporarily lowered steep tit-for-tat tariffs with China.