Besant, US Treasury Secretary: "Several trade announcements planned within 48 hours... This is not an 'ultimatum'"

"Talks with China scheduled within weeks"

With the deadline for the reciprocal tariff moratorium the United States imposed on countries worldwide fast approaching, Scott Besant, the US Secretary of the Treasury, stated on the 7th (local time) that “the US will make several (trade agreement) announcements within the next 48 hours.”

Secretary Besant said in an interview with CNBC, “Many people have changed their positions regarding the negotiations, and my inbox was full of new proposals last night,” adding, “So it seems these next few days will be quite busy.”

If we count 48 hours from today, that aligns with the mutual tariff moratorium deadline of July 9. Not only Secretary Besant but also President Donald Trump has previously stated that announcements of trade deals with some countries would be made before the moratorium ends. President Trump, in particular, warned that if negotiations are not concluded, a letter specifying the US's unilaterally determined tariff rates would be sent out from noon today (Eastern Time).

Regarding this, Secretary Besant noted in the interview that the letter does not contain an “ultimatum.” He explained, “The letter simply says, 'Thank you for your willingness to trade with the United States. We welcome your country as a trade partner, and if you do not return to negotiate, these are the rates that will apply.'”

Since the newly determined tariff rates will be imposed starting August 1, countries must negotiate with the US to avoid the rates specified in the letter.

Additionally, Secretary Besant mentioned plans to meet with senior Chinese officials in the coming weeks. He stated, “If China wants, I believe there are things we can do together,” adding, “We will discuss whether we can expand cooperation beyond trade to other areas.” However, he did not give an answer concerning negotiations for the sale of TikTok’s US business operations.

Regarding personnel matters in the Treasury Department and the Fed, he said, “I will do whatever the President wants.” Secretary Besant is reportedly being considered as a candidate for the next Fed Chair. Besant stated, “I will do what the President wants,” but also noted, “I believe we are achieving very significant results at the Treasury. The past five to six months have been extremely busy, and there is still much work to do. Now, the Treasury is responsible for implementing 'one big, beautiful bill.'”

By Han Kyungjae