Washington: US Treasury Secretary Scott Bessent emphasized the importance of the "quality" of trade deals over their timing as countries work towards reaching agreements before the August 1 deadline. Bessent remarked that President Trump has leveraged maximum pressure on trade partners to address longstanding imbalances, prioritizing high-quality agreements over the rush to meet the looming deadline.

According to Anadolu Agency, Bessent explained to CNBC television that trading partners have been warned about the potential for tariff rates to revert to April 2 levels, should negotiations stall. He highlighted the ongoing negotiations' steady pace and emphasized that rushing deals is not the administration's focus.

Addressing questions about EU trade talks, Bessent described the discussions as involving considerable "back and forth." He pointed out the significant trade deficit the US has with the EU, suggesting that the EU would be incentivized to expedite negotiations due to the impact of tariffs. Despite the slow initial pace, Bessent noted an increase in the EU's engagement in the talks, acknowledging some national governments' frustrations but affirming that negotiations are conducted at the EU level rather than individually with countries.

Regarding discussions with Japan, Bessent clarified that the US's primary concern is securing an advantageous deal for American citizens, rather than focusing on the internal politics of the Japanese government.

In April, President Trump introduced "reciprocal" tariffs, imposing widespread tariffs on many countries. Although these tariffs were initially delayed to July 9 and then to August 1, countries like Japan and the EU have been working to secure agreements that would subject them to lower tariff rates than those set on April 2. Recently, President Trump communicated to various nations, including the EU and Japan, the new tariff rates they would face starting August 1-30% for the EU and 25% for Japan.