Scott Bessent, the Minister of the Treasury leading international trade negotiations in the Donald Trump administration, projected that negotiations with major countries could be completed by Labor Day in the U.S., September 1.
Minister Bessent noted in a Fox Business interview on the 27th (local time) that, "We have 18 important trading partners. If we can reach agreements with 10 or 12 of the 18 major countries, there are another 20 important (trading) relationships where we expect to finalize trade (negotiations) by Labor Day." He added, "It seems that many countries are under pressure, and they are approaching us with very good transactions."
The U.S. is currently negotiating with major trading countries, including Korea, to postpone the reciprocal tariff announced by President Donald Trump on April 2 until July 8. Howard Lutnick, the Minister of Commerce, said in a Bloomberg interview the day before that the agreements made with the U.K. and China are all that have been reached, but agreements with 10 countries are imminent.
Before the expiration of the reciprocal tariff suspension period, the U.S. is expected to finalize negotiations with 10 major trading countries and continue negotiations with other major trading countries even after the suspension period, aiming to conclude by September 1. Previously, the White House mentioned in a briefing that the deadline for the reciprocal tariff suspension, ending on the 8th of next month, could be extended, with President Trump set to make the decision. Considering the remarks of Minister Bessent and the White House briefing, if the suspension of reciprocal tariffs is extended, the final deadline is likely to be at the end of August.