Treasury Secretary Scott Bessent confirmed that President Trump will decide whether to extend trade talks beyond the July 9 deadline. Bessent also mentioned that no trade agreement with Japan has been finalized, attributing this to domestic political constraints due to Japan’s upcoming elections.
Additionally, Bessent indicated that the administration plans to find a replacement for Federal Reserve Chairman Jerome Powell this fall, with several solid candidates under consideration. He warned that a potential interest rate cut in September could be significant if rates do not decrease soon.
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