President Donald Trump is “highly likely” to push back his July 8 deadline to reach deals with top trading partners, Treasury Secretary Scott Bessent told lawmakers Wednesday.

Speaking before the House Ways and Means Committee, Bessent said the administration is prepared to “roll the date forward” to allow good-faith trade negotiations to continue, noting that 18 major partners are currently engaged in such discussions. “If someone is not negotiating, then we will not,” Bessent added.

The president set the July deadline after pausing double-digit “reciprocal” tariffs on more than 60 countries in April, a threat that triggered recession warnings from U.S. economists and business leaders. But he threatened to reimpose the tariffs on July 9 if other countries do not agree to bring down their trade barriers and address other administration concerns.

The pause triggered a flurry of outreach from foreign leaders seeking to negotiate with the White House. But despite promises of “90 deals in 90 days,” the White House has since inked just one tentative agreement with the United Kingdom, with whom the U.S. already has a trade surplus. Other talks have bogged down as countries haggle for better terms and relief from Trump’s “baseline” 10 percent tariff he imposed in April, as well other sector-specific duties on products like autos, steel and aluminum.

Comments on China agreement: Bessent testified in the House after returning Tuesday from two days of trade negotiations with Chinese officials in London. The talks resulted in an agreement Tuesday night to honor a deal the two countries agreed to last month in Geneva. Bessent called the new framework an “excellent start,” but did not provide further details.

The agreement is still subject to approval by Trump and Chinese leader Xi Jinping. Trump, in a Truth Social post on Wednesday, said the U.S. side would drop plans to revoke Chinese student visas in exchange for China resuming shipments of rare earth minerals.

“China has a singular opportunity to stabilize its economy by shifting away from excess production towards greater consumption. But the country needs to be a reliable partner in trade negotiations,” Bessent said in an opening statement. “If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible,” Bessent said.