U.S. tariffs to kick in on August 1 barring trade deals: Treasury Secretary

U.S. tariffs volition footwear successful connected August 1 if trading partners from Taiwan to the European Union bash not onslaught deals with Washington, Treasury Secretary Scott Bessent said connected Sunday (July 6, 2025).

The rates volition "boomerang back" to the sometimes precise precocious levels which U.S. President Donald Trump had announced connected April 2 — earlier helium suspended the levies to let for commercialized talks and acceptable a July 9 deadline for agreement, Mr. Bessent told CNN.

Mr. Bessent confirmed comments by Mr. Trump to reporters aboard Air Force One connected Friday (July 4, 2025) successful which helium besides cited a caller deadline: "Well, I'll astir apt commencement them connected August 1. Well, that's beauteous early. Right?"

The U.S. President said helium had signed 12 letters to beryllium sent out, apt connected Monday (July 7, 2025).

The tariffs were portion of a broader announcement successful April wherever Mr. Trump imposed a 10% work connected goods from astir each trading partners, with a program to measurement up these rates for a prime radical wrong days.

But helium swiftly paused the hikes until July 9, allowing for commercialized talks to instrumentality place.

Countries person been pushing to onslaught deals that would assistance them debar these elevated duties.

So far, the Trump medication has unveiled deals with the United Kingdom and Vietnam, portion Washington and Beijing agreed to temporarily little staggeringly precocious levies connected each other's products.

Mr. Bessent said the medication was "close to respective deals."

"I would expect to spot respective large announcements implicit the adjacent mates of days," helium said.

But helium would not accidental which countries helium was referring to, adding: "I don't privation to fto them disconnected the hook."

As his July 9 deadline approaches, Mr. Trump has repeatedly said helium plans to pass countries of U.S. tariff rates by sending them letters.

Aboard Air Force One connected Friday (July 4, 2025), Mr. Trump said sending notices would beryllium overmuch easier than "sitting down and moving 15 antithetic things... this is what you person to pay, if you privation to bash concern (with) the United States."

Mr. Bessent pushed backmost astatine CNN big Dana Bash's assertion the medication was utilizing threats alternatively than negotiations, and denied that Mr. Trump was mounting a caller deadline with the August 1 date. "It's not a caller deadline. We are saying, this is erstwhile it's happening. If you privation to velocity things up, person astatine it. If you privation to spell backmost to the aged rate, that's your choice," helium said.

He said the playbook was to use "maximum pressure" and cited the European Union arsenic an example, saying they are "making precise bully progress" aft a dilatory start.

EU and U.S. negotiators are holding talks implicit the weekend, and France's Finance Minister said connected Saturday (July 5, 2025) helium hoped they could onslaught a woody this weekend. Other countries were inactive expressing unease, however.

Japan's Prime Minister Shigeru Ishiba said connected Sunday (July 6, 2025) helium "won't easy compromise" successful commercialized talks with Washington.

And BRICS leaders gathering successful Rio de Janeiro are expected to decry the tariffs Sunday (July 6, 2025), saying they are amerciable and hazard hurting the planetary economy.