US Extends Tariff Deadline for Good-Faith Partners

U.S. Treasury Secretary Scott Bessent announced that the Trump administration is likely to extend the July 8 deadline for the 90-day pause on 'Liberation Day' tariffs for trading partners engaged in 'good faith' negotiations. This signals the administration's first public flexibility regarding the self-imposed deadline as talks continue with 18 major partners, including the EU and China. While a formal agreement has been reached with the UK, most other countries have yet to finalize new arrangements. Bessent stated that only partners actively negotiating will be considered for extensions. The tariff pause, which followed sweeping tariffs and caused significant market volatility, has seen some recovery due to diplomatic progress. Ongoing negotiations with China are on a separate track, aiming for a comprehensive deal by August 10.