Tariff deals could be wrapped up by Labor Day Bessent says as talks pick up

WASHINGTON - US Treasury Secretary Scott Bessent said on June 27 the Trump administration’s various trade deals with other countries could be done by the Sept 1 Labour Day holiday, citing talks with 18 main US trading partners and new revisions to a deal with China aimed at expediting rare earths shipments.

After a week where tariffs took a back seat to the US strike on Iran’s nuclear facilities and the massive tax and spending Bill in Congress, the Trump administration’s trade negotiations have picked up.

The United States sent a new proposal to the European Union on June 26 and India sent a delegation to Washington for more talks.

“So we have countries approaching us with very good deals,” Mr Bessent said, on Fox Business Network.

“We have 18 important trading partners... 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,” Mr Bessent said.

He did not mention any changes to a July 9 deadline for countries to reach deals with the US or see tariffs spike higher, but has previously said that countries negotiating in good faith could get deals.

But President Donald Trump told reporters at the White House that he could extend the tariff deadline or “make it shorter”, adding that within the next week and a half, he would notify countries of their tariff rates.

“I’d like to just send letters out to everybody: Congratulations. You’re paying 25 per cent” tariffs.

New US-China export revisions

Mr Bessent said the US and China had resolved issues surrounding shipments of Chinese rare earth minerals and magnets to the US, further modifying a deal reached in May in Geneva.

As part of its retaliation against new US tariffs,