In an interview Tuesday, U.S. Treasury Secretary Bescent said in an interview thatThe time it takes to complete tariff agreements with major countries could exceed the 90-day moratorium set by the Trump administration last week。

He said, "We have 15 large trading partners, and there are 14 in addition to China, and we are moving quickly to build a process for these 14 largest trading partners, and most of them have huge trade deficits (with the United States). Then,Can we complete a complete, formal legal document within 90 days? Not likely.”

He continued: "But I think if we follow the process, we may make substantial clear progress in reaching principled agreements with these 14 countries. Then, once we reach a level that both parties agree and they agree to lower tariffs, lower non-tariff barriers, stop manipulating exchange rates and stop subsidies to industries and labor, then I think we can move forward."

Earlier, the White House issued rules exempting smartphones, computers, semiconductors and other electronic products from retaliatory tariffs. Trump also quickly downplayed his reversal on tariffs, saying “there is no tariff exemption at all.”

Bescent hinted,He still hopes to reach a major trade deal with China. "I don't think anyone feels these (high tariffs) are sustainable in the long run. But if it comes to President Trump, I won't disclose his negotiation strategy," he said.

The trade war is injecting considerable volatility into the global stock and bond markets. Stocks of some companies, such as Apple (AAPL), have suffered a heavy blow. Gold prices hit record highs, and the 10-year Treasury yield has risen to about 4.5% as investors express a lack of confidence in U.S. policy.

"Based on my calculations, tariff rates are still quite high -- at least the highest level we've seen since the 1930s. There is no guarantee that these so-called retaliatory tariffs will drop. The fact is, there is no very high trade barriers between most countries and the United States."

Berezin, known as the "biggest short seller on Wall Street", added: "Uncertainty is a problem - unfortunately, I think we are still heading for recession."

According to the latest information,Besent has listed Britain, Australia, South Korea, India and Japan as the top targets of the new trade deal. Becente told allies that the countries were one of his top goals and he has been in touch with officials in these countries, people familiar with the matter said.

In addition, people familiar with the matter also revealed that Japanese Minister of Economic Regeneration Ryo Akazawa is about to hold talks with Becent and U.S. Trade Representative Jamieson Greer in Washington on Wednesday, and the talks are expected to be preliminary and there may not be an agreement immediately.