U.S. Treasury Secretary: All Tariff Agreements May Not Be Completed in 90 Days

On Tuesday, in an interview, U.S. Treasury Secretary Bessent stated that completing tariff agreements with major countries may take longer than the 90-day pause set by the Trump administration last week.

He said, "We have 15 major trade partners, 14 of which, besides China, we are moving quickly with to establish processes for these 14 largest trade partners, most of whom have significant trade deficits with the United States. So, can we complete a comprehensive, formal legal document within 90 days? It's unlikely."

He continued, "But I think if we follow the process, we may make substantial and clear progress in reaching principled agreements with these 14 countries. Then, once we have reached a level that both parties agree on and they agree to reduce tariffs, decrease non-tariff barriers, stop manipulating exchange rates, and cease subsidies to industries and labor, I think we can move forward."

Earlier, the White House issued regulations exempting smartphones, computers, semiconductors, and other electronic products from retaliatory tariffs. Trump also quickly downplayed the notion that he reversed his position on tariffs, stating, "There is no tariff exemption at all."