Scott Bessent, the Minister of the United States Department of the Treasury, took a vague position regarding the expiration of the reciprocal tariff waiver on July 8. This is interpreted as a strategy to gain an advantageous position in negotiations with major trading partners.
In an interview with Bloomberg TV on the 30th (local time), Minister Bessent, when asked if the reciprocal tariff waiver could be extended, said, "That depends on President Donald Trump," and noted, "I will not say that it is possible for any country."
When asked if he expects to finalize negotiations with several of the 18 major trading countries before July 9, Minister Bessent said, "We'll see," adding, "As we approach the last week, the pressure will increase and the negotiations will gain momentum." However, he noted, "While there are countries negotiating in good faith with us, we must recognize that if we cannot cross the finish line due to their resistance, we may have to revert to April 2."
President Trump announced the country-specific reciprocal tariffs on April 2. However, a week later, on April 9, he decided to suspend the reciprocal tariffs for 90 days while conducting trade negotiations with major trading partners. Accordingly, the reciprocal tariff waiver will be in effect until July 8, and if negotiations are not finalized before that, reciprocal tariffs may be imposed again starting July 9.