US Trade Talks Likely to Extend Beyond Trump’s July 9 Deadline, Says Treasury Secretary Scott Bessent

US Treasury Secretary Scott Bessent said Friday that ongoing trade negotiations are unlikely to be completed by President Donald Trump’s previously announced July 9 deadline. Speaking on Fox Business, Bessent provided a more flexible timeline, suggesting Labor Day (September 2) as the new target for wrapping up key trade agreements.

According to Bessent, the United States is actively pursuing deals with 18 major trading partners, aiming to secure agreements with at least 10 to 12 of them by early September.

“If we can ink 10 or 12 of the important 18, then I think we could have trade wrapped up by Labor Day,” Bessent said.

So far, the Trump administration has only announced a finalized trade agreement with the United Kingdom and a truce in its tariff dispute with China.

“Deadlines matter in Washington,” Bessent added. “Nothing ever gets done well in advance, but things do get done eventually.”

Bessent also commented on the latest breakthrough with China regarding rare earth minerals — critical materials used in defense systems, semiconductors, and electronics. He confirmed that, after a phone call between Trump and Chinese President Xi Jinping, and follow-up meetings in London, shipments are expected to resume.

“They weren’t flowing as fast as previously agreed,” Bessent said. “But now, I’m confident that the magnets and rare earths will begin to flow.”

Representatives from Washington and Beijing had met in both Geneva and London to hammer out the terms of a broader trade truce. Those discussions culminated in a deal that still awaits full implementation by both nations.

Bessent noted that trade deals with China and the UK are now "behind us for now," allowing the administration to focus on remaining partners.

However, he cautioned that if negotiations stall, President Trump remains open to reinstating the April 2 reciprocal tariffs, a sweeping measure that previously sparked global market volatility.

Implications for Global Business

Extending the timeline for trade negotiations offers short-term relief for markets that were anxious about another wave of tariffs. However, prolonged uncertainty still hangs over sectors reliant on global supply chains — particularly tech, manufacturing, and energy.

If finalized, the trade agreements could restore business confidence, improve supply chain predictability, and encourage cross-border investments. On the other hand, failure to reach meaningful deals could result in renewed protectionism, higher input costs, and slower global economic recovery.

For investors and multinational firms, the next few weeks will be crucial in assessing not only the likelihood of finalized deals but also the tone of future US trade policy — whether it leans toward cooperation or confrontation.