Trump's Trade Tactics: Quality Over Speed

U.S. Treasury Secretary Scott Bessent has highlighted President Trump's focus on the quality of trade agreements over adhering to tight deadlines. With an August 1st cut-off for finalizing trade deals or facing steep tariffs, Bessent, speaking on CNBC, emphasized that rushing negotiations would not be beneficial.

Bessent revealed that President Trump could consider extending the deadline for nations actively negotiating with the U.S. However, he warned that reverting to higher tariffs could pressure countries into finalizing better agreements. Meanwhile, ongoing negotiations have become more challenging, especially with major partners like India, the EU, and Japan.

Amidst these talks, EU diplomats are contemplating counter-measures due to dwindling hopes for an acceptable trade arrangement. Some EU nations, led by Germany, might consider targeting U.S. services or limiting access to public tenders should an agreement remain elusive. Discussions with China and Japan are also underway, focusing on tariffs and addressing trade imbalances.

(With inputs from agencies.)