[Text/Watchman Network QI Qian] According to reports by Reuters and the American Political News Website (Politico), US Treasury Secretary Bentsen stated at Congress on June 11 that US President Trump is highly likely to postpone the deadline for reaching agreements with major trading partners. Previously, Trump had postponed the so-called "reciprocal tariff" on the basis of maintaining a 10% "benchmark" tariff for 90 days, with the deadline set for July 9.

The report said that Bentsen told members of the House Ways and Means Committee in Congress that 18 major partners are currently negotiating trade deals with the United States.

"For those countries or trading groups like the EU that are genuinely negotiating, we are highly likely to delay the deadline to continue sincere negotiations," Bentsen told the attending members of Congress, "If they do not negotiate, we will not negotiate either."

In response to questions from the attending members of Congress, Bentsen reiterated: "As I have repeatedly said, we are negotiating with 18 important trading partners, and we are striving to reach agreements with them." He added that the Trump administration is willing to extend deadlines for those who are sincerely negotiating.

Secretary Bentsen attended the congressional hearing on June 11 Video screenshot

Reuters reported that a series of recent developments have once again reminded people of the "Chicken Trade".

It is reported that the term "Chicken Trade" was first proposed by a columnist of the British Financial Times as an abbreviation of "Trump always chickens out".

In the past few months, Trump's tariff policy has been constantly changing: repeatedly threatening high tariffs, but finally ending with compromises. This has caused Wall Street to experience historic roller-coaster fluctuations. American investors have sarcastically referred to his tariff policy as the "Chicken Trade".

On April 2, Trump imposed high "reciprocal" tariffs on dozens of countries on "Liberation Day", causing global stock markets to crash. A week later, Trump announced a 90-day deferral of the tariff collection policy, during which the tariff would be reduced to 10%, while pressuring various countries to negotiate.

During this period, Trump repeatedly increased tariffs on China. The US tariffs on China rose from 20% initially, to 54%, then 104%, 125%, and finally 145%. China resolutely retaliated, causing widespread concern among American industries about supply chain disruptions. However, starting in early May, progress was made in Sino-US trade talks, and the US began to reduce tariffs on China.

Regarding Canadian goods, Trump initially threatened to impose a 25% tariff, including steel and aluminum, but then announced a one-month suspension.

In May, Trump threatened to impose a 50% high tariff on the EU starting in June, but just a few days later he changed his stance, announcing plans to delay the tax until July 9 to give both sides more time for negotiation.

Trump directly blacked out upon hearing "Chicken Trade" Video screenshot

It is worth noting that on May 28, when Trump first heard the term "Chicken Trade", he lost his temper immediately.

At a White House press conference on that day, it seemed that Trump was hearing the term "Chicken Trade" for the first time, and he severely refuted it, insisting that he had not backed down on trade issues, but everything was just a negotiation tactic. He began a long speech, vigorously defending himself.

"I have never heard of this term... Don't say everything you want to say, this question is too disgusting," Trump said furiously when asked by a CNBC reporter, "This is a disgusting question. For me, this is the most disgusting question."

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Original text: https://www.toutiao.com/article/7514853020694233611/

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