Trump says he is open to extending an earlier July trade deal deadline

President Donald Trump announced on Wednesday that he is open to extending the deadline for countries to reach a trade deal with the United States, although he believes it may not be necessary. Speaking to reporters before attending a performance of “Les Misérables” at the Kennedy Center in Washington with the first lady, Trump mentioned that in one to two weeks, his administration would be sending letters to countries outlining the terms of the potential trade deals.

Following the implementation of sweeping tariff policies on April 2, the Trump administration imposed a 90-day pause to allow countries the opportunity to negotiate with the United States. Trump stated that the U.S. is currently in talks with approximately 15 countries to finalize trade agreements. However, if a deal is not reached, the president intends to send letters to these nations setting unilateral tariff rates.

“We’re dealing with Japan. We’re dealing with South Korea. We’re dealing with a lot of them. We’re dealing with about 15 countries. But as you know, we have about 150-plus, and you can’t make a deal with all of them. So we’re going to be sending letters out in about a week and a half, two weeks, to countries and telling them what the deal is,” Trump explained.

The highly anticipated trade talks with China held in London this week resulted in a preliminary agreement between the U.S. and China, the two largest economic powers in the world. However, the final approval of this “framework” is still pending from Chinese President Xi Jinping and President Trump.

“We made a great deal with China. We’re very happy with it,” Trump expressed to reporters at the Kennedy Center. “We have everything we need, and we’re going to do very well with it. And hopefully they are, too.”

The Trump administration’s tariff strategy aims to potentially offset the costs of the tax bill, but experts caution that the success of these tariffs may be contingent on their longevity. As negotiations continue with various countries, Trump remains optimistic about the progress being made in trade agreements and looks forward to solidifying deals that benefit the United States.