Treasury Secretary Scott Bessent said President Donald Trump will send letters to some trading partners saying tariffs will boomerang back to April 2 levels on Aug. 1 if there is no progress. Bessent rejected that Aug. 1 is a new trading deadline, but it could still give countries more time to negotiate. Bessent also said that he expects to see “several big announcements over the next couple of days” about trade deals. U.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol as Republican lawmakers struggle to pass U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., June 27, 2025. Elizabeth Frantz | Reuters
Treasury Secretary Scott Bessent said Sunday that tariffs announced back in April will take effect on Aug. 1 for countries that have not reached