Trump’s administration is putting the quality of trade agreements ahead of the calendar

On Monday, Scott Bessent said the administration is putting the quality of trade agreements ahead of the calendar, even as an August 1 deadline approaches that could bring hefty tariffs if no deals are in place. Bessent told CNBC he won’t push through a deal simply to meet the date. “We’re not going to rush for the sake of doing deals,” he said, stressing that any agreement must deliver real benefits for the United States. When asked whether Washington might extend its August 1 cutoff for nations engaging in productive discussions, Bessent said President Trump will make that call. “We’ll see what the president wants to do,” he said. He added that should the United States return to the scheduled tariffs, raising them further could spur trading partners to offer stronger terms. “I would think that a higher tariff level will put more pressure on those countries to come with better agreements,” Bessent said. Turning to China, the Treasury Secretary said fresh talks are set “in the very near future.” He noted that basic trade relations are sound enough to allow conversation on other issues. “The Chinese unfortunately … are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil,” he said. He also pointed to what he called “the elephant in the room,” suggesting China must rebalance its economy away from overreliance on such imports. Bessent said he plans to urge Europe to align with any U.S. decision to impose secondary sanctions on Russian goods. And when it comes to Japan, he said the administration is less focused on its internal politics than on securing “the best deal for Americans.” Bessent calls for a review of the US Fed’s role Later, Bessent called for a broad review of the Federal Reserve’s role, extending beyond its recent building renovation controversy. “What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” he said on CNBC’s “ Squawk Box .” He asked whether the Fed had met its goals and compared the situation to one where, if the Aviation Administration made repeated mistakes, it would face a full inquiry into its procedures. His remarks come as tension builds between the central bank and Washington. It remains unclear how Fed review will be structured or take place. Over the past week, reports circulated that President Trump was weighing the dismissal of Federal Reserve Chair Powell, moves that raised legal questions, only for the president to later deny any plan to fire him. Bessent, frequently named the Powell successor and rumored to be acting as an adviser to dissuade the president from removing the chair, said Trump gathers many viewpoints before deciding. “President Trump solicits a whole range of opinions and then makes a decision,” Bessent said, referring to a Wall Street Journal, which reported that Bessent urged Trump not to fire Powell. “He takes a lot of inputs, and at the end of the day, it’s his decision.” The president has publicly pressed the Fed to sharply cut the benchmark overnight borrowing rate, a demand seen as unlikely to be met regardless of who leads the central bank. The administration has also criticized cost overruns on a $2.5 billion renovation project for two Fed buildings in the country’s capital. Officials are said to be planning an on‑site visit to inspect the work in person. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan