US Treasury chief: Most tariff talks won’t wrap in Trump’s 90-day window

US Treasury Secretary Scott Bessent has said the United States is unlikely to finalise tariff agreements with major trading partners within the 90-day window recently announced by the Trump administration, warning that comprehensive deals may take longer to materialise.

Bessent said that while progress was being made on talks with 14 of the largest trading partners – excluding China – a fully completed legal framework was improbable within the timeframe, Caliber.Az reports, citing foreign media.

"Let’s set aside China. There are 15 large trading g partners. We set aside China. There are 14, and we’re in rapid motion and setting up a process for the 14 largest trading partners, most of whom have very large deficits. So, in 90 days, are we going to have a complete doc, a formal legal document done and dusted? Not likely," Bessent explained.

"But I think if we follow the process, we could have substantial clarity on those 14 away from China in terms of agreements in principle. And then once we reach a level that we've agreed on and they've agreed to lower their tariffs, lower their non-tariff barriers, currency manipulation, and subsidies of industry and labour, then I think we can move forward," he continued.

On April 9, the Trump administration introduced a 90-day suspension on all reciprocal tariffs, excluding those on China. Tariffs on Chinese imports currently stand at 145%, comprising a 125% reciprocal levy and a prior 20% duty imposed by Trump. A separate 10% flat duty remains applicable on all other imports.

Beijing has since signalled its willingness to resume trade negotiations, contingent upon respectful engagement from Washington and the appointment of a credible negotiator.

Further revisions to tariff policy were made on April 11. The White House issued a directive excluding smartphones, semiconductors, computers and other key electronics, particularly Chinese products, from both the global 10% duty and the steeper 125% reciprocal tariffs. However, President Trump insisted this did not amount to a retreat.

"There was no Tariff exception," Trump said on social media. "These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff bucket.'"

While Bessent acknowledged that a trade deal with China was still in early stages, he played down the prospect of further tariff hikes.

"I think no one thinks that these are sustainable over the long run. But with President Trump, I'm not going to give away his negotiating strategy," he said.

Markets have reacted sharply to the ongoing trade tensions. Shares in companies heavily reliant on Chinese manufacturing, such as Apple, have come under pressure. Gold prices have surged to record highs, while yields on 10-year US Treasury bonds have risen to around 4.5%, reflecting investor concerns over US economic policy.

Peter Berezin, chief strategist at BCA Research, said the current tariff regime was among the harshest in modern history.

"Based on my calculations, the tariff rate is still quite high — at least as high as anything we have seen since the 1930s," he noted. "There is no guarantee these so-called reciprocal tariffs are going to come down. The fact of the matter is that most countries don’t have very large trade barriers with the US."

Berezin, known for his bearish stance on Wall Street, added: "The uncertainty is a problem — I think we are still headed into a recession, unfortunately."

By Aghakazim Guliyev