U.S. Treasury Secretary Vincent said he is willing to extend the tariff suspension period

The Trump administration is willing to extend the current 90-day tariff moratorium beyond July 9, as long as America's major trading partners show "good faith" in the current negotiations, Treasury Secretary Vincent Bescent said on Wednesday. Speaking at a hearing before the House Ways and Means Committee in Washington, Mr. Bescent said the United States has 18 "significant trading partners" with which the Trump administration is working to reach an agreement. For countries and trading blocs that "are negotiating in good faith", such as the European Union, it is "very likely" that the United States will "extend the deadline to continue negotiating in good faith." He also said, "If someone doesn't negotiate, then we won't negotiate." Trump administration officials have so far given no indication that they are willing to extend the suspension if "terms of agreement" are not reached before it expires, and Mr. Bessant's remarks suggest that the administration may be more inclined to change its own deadline as the deadline approaches.