US won't 'rush for the sake of doing deals', says Scott Bessent ahead of Trump's August 1 tariff deadline

US Treasury Secretary Scott Bessent has said that the Trump administration is more concerned about the quality of trade agreements amid talks with several of its allied nations, rather than the time it takes to conclude negotiations.

In an interview to CNBC, Bessent said that America won't rush into anything, just for the sake of making deals with its allies.

“The Trump administration is more concerned with the quality of trade agreements rather than their timing. We're not going to rush for the sake of doing deals,” Bessent told CNBC, just days before Trump’s August 1 tariff deadline to US trading partners.


Bessent added that negotiations are "moving along," but reiterated that the emphasis is on high-standard outcomes rather than deadlines. “If we boomerang on August 1 tariffs, higher tariffs could put more pressure on countries,” he warned.

EU and Japan: Willing partners, but no free pass

Bessent said he believes the European Union is showing signs of increasing seriousness and urgency. “They’ve become more engaged,” he said, adding, “I imagine they would want to negotiate faster.”

On Japan, Bessent said Washington's priorities lie in securing the best terms for the United States, not getting caught up in domestic political timelines. “Our priorities are not internal government but best deals for U.S.,” he noted.

Despite the looming August 1 deadline, Bessent described the current trade environment positively. “Trade is in a good place,” he said, suggesting optimism about the direction of ongoing negotiations.

Russia: Tariffs as political tools

When asked about Russia, Bessent acknowledged the strategic use of tariffs beyond just economic leverage. “Tariffs can be a means to political ends,” he said, referring specifically to discussions around Russia sanctions.

Bessent also hinted at a possible coordinated move with Europe if the US implements secondary tariffs. “Would urge Europe to follow us if we implement secondary tariffs,” he stated, without detailing what sectors or timing might be involved.

China: Overcapacity, oil, and ties with Russia under scrutiny

On China, Bessent signaled that talks could resume “in the near future,” with a complex list of topics likely on the table.

One of the biggest unresolved issues, he said, is industrial policy. “The elephant in the room with China is overcapacity,” he noted, indicating that sectors like steel and solar could be sticking points once talks begin.

Bessent also floated two new areas of potential engagement: China’s trade with Russia, and Iranian oil—both increasingly relevant in light of evolving geopolitical alliances.

“Could start talking about Iranian oil,” he said, while also noting that US officials “could discuss [China’s] trade with Russia” as part of broader talks.

(With inputs from Reuters)