US Treasury Secretary Emphasizes "Quality" in Trade Talks
(MENAFN) US Treasury Secretary Scott Bessent highlighted on Monday that the critical aspect of trade agreements lies in their "quality" rather than the deadline by which they are finalized.
Nations are currently attempting to finalize deals ahead of the August 1 deadline, but Bessent stressed that the substance of these agreements is far more significant than their timing.
Speaking to a news agency, Bessent explained, "President Trump has created maximum leverage as only he can do. What we are seeing is these imbalances built up over 20, 30, 40 years, and we are more concerned with high-quality deals than getting these deals done by Aug. 1."
This underlines the administration’s focus on crafting meaningful and balanced trade agreements rather than simply meeting a preset date.
The Treasury Secretary also warned that US trading partners have been informed that tariff levels might "boomerang" back to those seen on April 2 if progress stalls.
He emphasized, "We can continue talking then, but again, we're proceeding at pace with the negotiations, but we're not going to rush for the sake of doing deals." This signals a commitment to negotiations that prioritize effectiveness over haste.
Addressing questions regarding trade talks with the European Union, Bessent described the discussions as marked by considerable "back and forth."
He pointed out the significant US trade deficit with the EU and suggested that the tariff adjustments would impact the European side more substantially. "So I would imagine that they would want to negotiate faster," he said.
Finally, the Secretary acknowledged that the EU initially approached the trade discussions at a "slow pace," but noted that their involvement has increased as negotiations have progressed.
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