BURSTTreasury Secretary Scott Bessent said Tuesday that President Trump’s tax cut extension could be approved by July 4.
His comments were made at a closed-door meeting attended by JP Morgan investors.
“I’m optimistic, maybe we can have the tax bill done by Fourth of July,” Bessent said, according to The New York Times, citing a source on condition of anonymity to discuss a private event.
“It’s sequencing, tariffs, tax bill — some certainty on that, then deregulation was always going to take longer,” he added.
The Treasury Department secretary’s timeline for a rollout of the president’s agenda comes as Republicans in Congress have sought to move forward with tax legislation. Senate and House Republicans partnered to pass a budget blueprint earlier this month that outlines a pathway to extend Trump’s 2017 tax cuts, which are otherwise set to expire at the end of the year.
GOP lawmakers are also seeking to cement permanent tax cuts that would include measures to eliminate taxes on tips, Social Security benefits and overtime pay. Their efforts have pressed ahead as markets plummet in the wake of global tariffs on U.S. imports, which have rattled international trade flow.
In response, the International Monetary Fund (IMF) lowered its projection for the country’s global gross domestic product (GDP) growth to 2.8 percent growth in 2025, down from a forecast of 3.3 percent in January. Low predictions come despite Trump’s 90 day pause on "reciprocal" tariffs, with the exception of China.
Bessent urged the IMF to train its attention on China amid the U.S.'s fallout with the world’s second largest economy.
“In line with its core mandate, the IMF needs to call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades,” Bessent said Wednesday at the Institute of International Finance.
However, the same day, the Treasury Department chief said there was an opportunity for a “big deal” with China as the Trump administration looks to boost the sale of products manufactured in the U.S.
“The U.S. is looking to rebalance to more manufacturing. The identity of that would be less consumption. If China is serious on less dependence on export-led manufacturing growth and a rebalancing toward a domestic economy … if they want to rebalance, let’s do it together,” he said.
Bloomberg also reported Tuesday that Bessent said a comprehensive deal between the two countries could happen in two to three years, but negotiations have yet to commence.