Treasury Secretary Scott Bessent admitted that President Donald Trump will "likely" extend his tariff deadlines yet again.
During a House Ways and Means Committee hearing on Wednesday, Rep. Don Beyer (D-VA) asked Bessent if the United States should be prepared for tariffs to be implemented on July 9 after Trump's 90-day pause.
"We're less than a month away from Liberation Day Part 2," Beyer noted. "Very few of the trade deals have been announced yet. I think most people in Congress and around the world would like to know what's going on."
"Should America be preparing for Liberation Day 2.0?" the lawmaker wondered.
"We are working toward deals on those," Bessent replied. "And it is highly likely that those countries that are negotiating — or trading blocks, as in the case of the EU — who are negotiating in good faith, we will roll the date forward to continue to good faith negotiations."
Wall Street traders have mocked Trump with the acronym "TACO" or "Trump always chickens out" because he has repeatedly delayed implementing tariffs.