U.S. Treasury: "Mutual Tariff Suspension May Be Extended for Good-Faith Trade Negotiators"

Besant Appears Before House Ways and Means Committee
"If There Is No Negotiation, There Will Be No Date Change"

U.S. Treasury Secretary Scott Besant announced on June 11 (local time) that the United States is willing to extend the mutual tariff suspension period for countries that engage in trade negotiations in good faith.

AFP Yonhap News

Appearing before the House Ways and Means Committee of the U.S. Congress that day, Secretary Besant stated, "There are 18 key trading partners with whom we are working to reach agreements," and added, "For countries that are negotiating in good faith, or in the case of the European Union as a trade bloc, it is highly likely that we will move the date forward to continue good-faith negotiations."

This statement was made in response to a question about what would happen on July 9, when the mutual tariff suspension period is set to expire and tariffs could be reinstated.

Secretary Besant further emphasized, "If someone is not negotiating, we will not do so either."

This is interpreted to mean that if the counterpart country negotiates in good faith, demonstrates a willingness to address U.S. concerns, and requests an extension of the mutual tariff suspension due to the need for more time for discussions, the suspension period could be extended beyond July 9.

Previously, President Trump suspended country-specific mutual tariffs for 90 days on April 9, taking into account trade barriers in various countries. Since then, major trading partners have been engaged in trade negotiations, and the policy has been that if agreements are not reached within this period, mutual tariffs will be reinstated.