Trump Holds All Cards: Treasury Secretary Confirms Only POTUS Can Extend Trade Talks

Trade war limbo continues as Treasury Secretary Scott Bessent throws the decision-making hot potato squarely onto President Trump's desk.

No bureaucrats, no committees—just one man's Twitter finger between markets and mayhem.

Wall Street analysts whisper about 'Art of the Deal' theatrics while quietly repositioning portfolios. Because nothing says 'stable monetary policy' like geopolitical whimsy.

Bessent says the White House will pick Powell’s replacement this Fall

Bessent also said that the administration will turn its attention this fall to selecting a successor to Federal Reserve Chairman Jerome Powell.

He said there are “a lot of good candidates” under consideration.

Bessent said the Fed would make its own decisions about the interest rates, but if they did not fall soon, any cut in September could be larger.

Bessent’s name has been suggested for Fed’s job as well. Whether one person could lead both the Treasury and the Fed, he noted it had not happened since the 1930s, but he didn’t say it was impossible.

Earlier, President Trump told Fox News in an interview broadcast on Sunday, he does not plan to extend the 90-day tariff pause beyond July 9. He said the administration will update the countries that the tariffs will be imposed unless agreements are reached.

Trump said letters would be sent “pretty soon” to inform nations of their new rates.  “We’ll look at how a country treats us, are they good, are they not so good—some countries we don’t care, we’ll just send a high number out,” he said.

He described the letters will congratulate the countries for allowing them “to shop in the United States of America” and “pay a 25% tariff, or a 35% or a 50% or 10%.”

On the other hand, speaking at a WHITE House briefing on Friday, Trump said the deadline was too tight to strike separate deals with every country. His team had aimed for 90 trade agreements in 90 days.

He added, “There’s 200 countries, you can’t talk to all of them.”

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