US may extend July 8 deadline for trade talks

NEW YORK -- The United States may extend a self-defined deadline for the government to land trade deals with a big number of trading partners, President Donald Trump said on Wednesday.

Trump voiced willingness to extend the deadline of July 8 in a bid to reach trade deals with its main trading partners. But he said he didn't believe it would be necessary.

Trump said that trade talks are underway with around 15 trading partners including South Korea, Japan and the EU.

Meanwhile, US Treasury Secretary Scott Bessent Wednesday told lawmakers that Trump is "highly likely" to push back the deadline so as to proceed ahead with trade talks and get deals done with its top trading partners.

There are 18 major trading partners engaged in trade negotiations with the United States, according to Bessent.

The United States would send out letters to dozens of other trading partners in one or two weeks with outlined terms of trade deals, which could be agreed or rejected, said Trump.

The Trump administration is scrambling to hold trade talks with dozens of trading partners at the same time. Only a deal with Britain was announced in May.

The Trump administration set the deadline of July 8 when it decided to pause the imposition of "reciprocal" tariffs on over 60 trading partners for a period of 90 days starting from April 9.