In an interview on Tuesday, U.S. Treasury Secretary Vincent Besant said it could take longer to complete tariff agreements with major countries than the 90-day moratorium set by the Trump administration last week. He said,"We have 15 large trading partners, 14 in addition to China, and we are moving quickly to establish a process for these 14 largest trading partners, most of which have huge trade deficits (with the United States). So, 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 and clear progress in reaching an agreement in principle with these 14 countries. Then, once we reach a level that we both agree to, and they agree to lower tariffs, lower non-tariff barriers, stop manipulating exchange rates and stop subsidies to industry and labor, then I think we can move forward." Earlier, the White House issued regulations exempting smartphones, computers, semiconductors and other electronic products from retaliatory tariffs. Trump also quickly downplayed his claim that he had reversed his stance on tariffs, saying "there is no tariff exemption at all."