Washington: US Treasury Secretary Scott Bessent announced on Friday that ongoing tariff discussions with more than a dozen trade partners might be prolonged until September 1, coinciding with the US Labor Day. This marks a shift from the previously set deadline of July 9.

According to Anadolu Agency, Bessent, in an interview with Fox News, emphasized the importance of reaching agreements with the US' "18 important trading partners." He stated that if deals could be struck with 10 or 12 of these nations, the US could potentially wrap up trade discussions by Labor Day. Bessent noted that there are an additional 20 significant trading relationships that are also under consideration.

US President Donald Trump also commented on the deadline, highlighting its flexibility. He expressed a preference for a shorter timeline, humorously suggesting the idea of sending out letters to trading partners announcing a 25 percent tariff.

So far, the Trump administration has successfully negotiated one trade agreement with the United Kingdom and has established a temporary truce with China. Bessent indicated that negotiations with China and the UK are currently on hold.

Bessent also mentioned the expected resumption of rare earth mineral exports from China to the US, following China's approval of these exports earlier on Friday. He noted that President Trump has maximized negotiating leverage for key figures such as Ambassador Jamieson Greer and Commerce Secretary Lutnick by indicating a willingness to revert to previous tariff levels if necessary. This approach, according to Bessent, has led countries to propose favorable trade deals to the US. Bessent reiterated that in the absence of agreements, Trump is ready to reinstate the higher tariffs that previously caused market disruptions.