Trump may be open to pushing July 8 trade talk deadline

US President Donald Trump said that he is open to extending the July 8 deadline to secure trade agreements with trading partners. However, he admitted that an extension may not be necessary. The remarks were made ahead of a performance of Les Misérables at the Kennedy Center in Washington, where he addressed trade discussions and tariffs.

President Trump’s administration is currently in trade negotiations with approximately 15 countries, including South Korea, Japan, and the European Union. 

When asked if he expected to extend the deadline for finalizing trade deals with other nations, Trump answered that he was open to doing so but added, “I don’t think we’re gonna have that necessity.”

Deadline extension meant for talks to continue

The July 8 deadline was proposed after Trump paused reciprocal tariffs in April that targeted more than 60 countries. The tariffs, some reaching into double digits, were lambasted by economists and business leaders who warned that the levies would place the American economy into a recession. 

The White House said the pause was contingent on progress in bilateral trade talks, with the threat of reimposing the duties by July 9 if no consensus was reached.

On Wednesday, Treasury Secretary Scott Bessent doubled down on the possibility of extending the deadline during testimony before the House Ways and Means Committee. 

According to Politico, Bessent said the administration is prepared to “roll the date forward” to give negotiations more time, especially given that 18 major partners are now in active discussions with US officials.

“If someone is not negotiating, then we will not,” Bessent said, reiterating that only nations demonstrating good-faith efforts would be granted exemptions. 

The administration’s original promise of “90 deals in 90 days” has yet to materialize, with only one tentative agreement that came from the United Kingdom, a country with which the US already enjoys a trade surplus.

The president confirmed that formal letters with the terms of proposed deals would be sent out to countries in the coming weeks to give them the choice to accept or reject the US terms unilaterally.

“We’re going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is,” Trump said on Wednesday. “And I think you understand that, saying this is the deal, you can take it or leave it.”

EU talks continue, but differences still ‘unavoidable’

Trade negotiations with the European Union have been more profound over the past week. Both sides are in a race to at least provide a basis for an agreement before the July deadline. The US has threatened to slap a 50% tariff on nearly all EU exports unless a deal is reached.

Officials in Brussels are still hesitant about finalizing a comprehensive deal by the administration’s deadline. According to EU negotiators, the United States is pressing for largely one-sided concessions, a sticking point that has made discussions arduous.

US Commerce Secretary Howard Lutnick told CNBC that American officials have prioritized trade talks with other partners first, and that a deal with the EU would likely be “the very last one” to be finalized. 

However, Trump’s history of setting short deadlines, only to delay or abandon them, has left observers unsure if the two-week window will hold. On May 16, the president vowed to set tariff rates for US partners within “two to three weeks,” yet no official documentation followed. 

In other related news, Trump revealed yesterday that a trade framework with China had been completed. The deal reportedly includes provisions for China to supply rare earth materials and magnets to the United States, in exchange for the US granting more Chinese students opportunities to study at American colleges and universities.

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