Key Facts
• June 11: Treasury Secretary Bessent addressed the House hearing on tariffs.
• 18 key trade partners are involved in ongoing negotiations for agreements.
• 90-day suspension of reciprocal tariffs, announced in April, ends in early July.
• Bessent stated extensions are possible for partners negotiating in good faith.
• Final decision on extension rests with former President Trump.
Summary
U.S. Treasury Secretary Bessent indicated the possibility of extending the 90-day suspension of reciprocal tariffs introduced during the Trump administration. Speaking at a House hearing on June 11, Bessent highlighted ongoing negotiations with 18 major trade partners. While the suspension is set to expire in early July, Bessent suggested that extensions could be granted to partners demonstrating good faith in negotiations. However, the ultimate decision lies with former President Trump. The suspension, initially announced in April, aimed to address financial market disruptions.
