Washington: U.S. President Donald Trump on Wednesday signaled his openness to extending a temporary pause on "reciprocal" tariffs, but stated that an extension might not be necessary, as he promoted a "great" trade deal with China. Trump made these comments while attending the opening night of "Les Miserables" at the John F. Kennedy Center for the Performing Arts in Washington, alongside first lady Melania Trump.

According to Yonhap News Agency, the President's remarks followed Treasury Secretary Scott Bessent's suggestion that the 90-day pause on "reciprocal" tariffs, due to expire on July 8, could be extended for nations engaging in trade negotiations with the United States "in good faith." Trump expressed confidence in the trade agreements being negotiated, particularly highlighting a successful deal with China, which he believes will benefit the U.S. economy.

Trump addressed questions from reporters regarding his willingness to extend the July 8 deadline for tariff negotiations, emphasizing that while he is open to it, he believes it may not be necessary. The reciprocal tariffs, including 25 percent duties on South Korea, were enacted on April 9, followed by a three-month pause to allow for negotiation periods.

The President also mentioned ongoing trade discussions with countries like South Korea and Japan, stating that the administration plans to send out letters in two weeks to outline the terms of the deals, allowing countries the option to accept or decline. He acknowledged the challenges of managing negotiations with over 150 countries seeking trade agreements with the U.S.

During a House Ways and Means Committee hearing, Treasury Secretary Bessent discussed the potential for extending the deadline. He reiterated that countries negotiating in good faith could see extended deadlines, while those not engaging seriously might not receive the same consideration. Bessent noted that many of the 18 significant trading partners have made promising offers and are showing good faith in negotiations.

South Korea, in particular, is eager to finalize a comprehensive trade agreement with the U.S. before the tariff pause ends next month. In a recent phone call, South Korean President Lee Jae-myung and President Trump committed to working towards a swift and mutually beneficial agreement.