Bessent hints reciprocal tariff pause can be extended for those in 'good-faith' negotiations
Published: 12 Jun. 2025, 08:58
Updated: 12 Jun. 2025, 14:21
![Treasury Secretary Scott Bessent testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington on June 11. [AP/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2025/06/12/5eb48826-f324-42b5-a569-26c0a8b0fb0f.jpg)
Treasury Secretary Scott Bessent testifies before the House Ways and Means Committee hearing on Capitol Hill in Washington on June 11. [AP/YONHAP]
U.S. Treasury Secretary Scott Bessent hinted Wednesday that President Donald Trump's temporary pause on "reciprocal" tariffs could be extended for those engaging in trade negotiations with the United States "in good faith."
Bessent made the remarks during a House Ways and Means Committee hearing as Trump's 90-day suspension of reciprocal tariffs, including 25 percent duties on Korea, is set to end on July 8.
"I would say, as I have repeatedly said, that there are 18 important trading partners. We are working toward deals on those, and it is highly likely that those countries that are negotiating — or trading bloc in the case of the EU — in good faith, we will roll the date forward to continue the good-faith negotiations," the secretary said.
"If someone is not negotiating, then we will not," he added.
Bessent noted that many of the 18 trading partners have presented "good offers" and are working in good faith.
"It will be up to President Trump, but it is my belief that if someone is negotiating in good faith, an extension will be possible," he said.
Seoul has been seeking to reach a wide-ranging deal with Washington over new U.S. tariffs, Korea's nontariff barriers, and bilateral economic and industrial cooperation before the pause on reciprocal tariffs expires next month.
During a phone call last week, newly elected Korean President Lee Jae-myung and Trump agreed to work together to swiftly reach a mutually satisfactory trade agreement,
In April, the Trump administration announced reciprocal tariffs, placing Korea on the list of the "worst offenders." Reciprocal tariffs took effect on April 9, but Trump issued a three-month pause shortly afterward to allow for negotiations.
Yonhap
with the Korea JoongAng Daily
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