US Prioritises 'Quality Deals' Over Trade Deadlines, Says Treasury Secretary

 

The Trump administration is prioritising the quality of trade agreements over the speed of reaching a deal before the looming August 1 deadline, according to US Treasury Secretary Scott Bessent.

 

Speaking on Monday (July 21) local time, Bessent addressed a CNBC query about potential deadline extensions for countries currently in negotiations to avoid new tariffs.

 

"We are not in a hurry to get a deal," he stated, adding that the ultimate decision rests with President Donald Trump."If we go back to tariffs on August 1, I think high tariffs will put more pressure on those countries to offer better deals," the Treasury chief commented, indicating a firm stance from Washington.

 

Meanwhile, White House Press Secretary Karoline Leavitt disclosed that President Trump may discuss trade matters with Philippine President Ferdinand Marcos Jr during their White House meeting on Tuesday (July 22).

 

Leavitt confirmed ongoing engagement with governments globally and hinted at potential announcements regarding new deals or additional tariffs before the deadline, though she offered no further specifics.

 

Across the Atlantic, European Union diplomats have revealed that the bloc is contemplating extensive countermeasures as signs of a trade agreement remain elusive.

 

Germany and other EU member states are reportedly considering "anti-coercion" tools, which could potentially restrict US access to government procurement tenders or certain services.

 

 

German Chancellor Friedrich Merz noted the intensity of current tariff negotiations. "America has made it clear that it is not willing to agree on a systematic tariff arrangement," he said.

 

Regarding China, Bessent indicated that discussions would resume "in the near future."

 

He described trade as "going well" but highlighted that future talks would focus on Beijing's continued purchases of sanctioned Iranian and Russian oil, alongside China's significant overcapacity in sectors such as steel.

 

"The unresolved issue is the major rebalancing that China needs to do," Bessent stressed, adding that he would urge Europe to align with the US should Washington impose indirect tariffs on Russia.

 

 

In Asia, Japan's chief trade negotiator, Ryosei Akazawa, arrived in Washington on Monday, marking his eighth visit in three months.

 

This trip follows the recent defeat of Prime Minister Shigeru Ishiba's coalition government in the upper house election, partly attributed to voter discontent over US tariffs.

 

Bessent, who had just returned from Japan on Sunday (July 20), affirmed that Washington's focus remains on securing the best deal for American citizens, rather than on Japan's internal political shifts.

 

Concurrently, India's trade negotiation team has returned to New Delhi after nearly a week of discussions in Washington. Multiple government sources suggest that the prospect of an interim deal before the August 1 deadline has now diminished.