US not rushing trade deals ahead of August deadline, will talk with China, Bessent says

The Trump administration is more concerned with the quality of trade agreements than their timing, US Treasury Secretary Scott Bessent said on Monday ahead of an Aug. 1 deadline for countries to secure trade deals or face steep tariffs.

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“We're not going to rush for the sake of doing deals,” Mr. Bessent told CNBC.

Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Mr. Bessent said US President Donald J. Trump would decide.

“We'll see what the president wants to do. But again, if we somehow boomerang back to the Aug. 1 tariff, 1 would think that a higher tariff level will put more pressure on those countries to come up with better agreements,” he said.

Mr. Trump has upended the global economy with a trade war that has targeted most US trading partners, but his administration has fallen far short of its plan to clinch deals with dozens of countries. Negotiations with India, the European Union, Japan, and others have proven more trying than expected.

White House press secretary Karoline Leavitt told reporters Mr. Trump could discuss trade when he meets with Philippine President Ferdinand R. Marcos, Jr. at the White House on Tuesday.