The United States is nearing completion of several trade deals ahead of a July 9 deadline, when higher tariffs are set to take effect, Treasury Secretary Scott Bessent said Sunday. He predicted several major announcements in the coming days.<\/p>\n
Speaking on CNN\u2019s State of the Union, Bessent said the Trump administration would also be sending letters to 100 smaller nations with limited trade ties to the U.S., informing them they would be subject to increased tariff rates originally announced on April 2 and temporarily suspended until July 9.<\/p>\n
\u201cPresident Trump\u2019s going to be sending letters to some of our trading partners saying that if you don\u2019t move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we\u2019re going to see a lot of deals very quickly,\u201d Bessent said.<\/p>\n
The Treasury boss denied that August 1 was a new deadline for negotiations. \u201cWe are saying this is when it\u2019s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that\u2019s your choice,\u201d he told CNN.<\/p>\n
Treasury Secretary Scott Bessent said the Trump administration is prioritizing trade negotiations with 18 key partners that together make up 95% of the U.S. trade deficit. However, he noted that progress has been slow, blaming \u201ca lot of foot-dragging\u201d on the part of those countries. Bessent declined to identify which nations are nearing a deal, saying, \u201cI don\u2019t want to let them off the hook.\u201d<\/p>\n
Trump has frequently stated that a trade deal with India is nearly finalized and has voiced optimism about reaching an agreement with the European Union, though he has expressed skepticism about securing a deal with Japan.<\/p>\n
Since assuming office, the president has triggered a global trade war that has roiled financial markets and forced world leaders to seek protective measures\u2014often by pursuing new agreements with the U.S. and other nations. On April 2, Trump announced a 10% base tariff rate, with additional surcharges for most countries\u2014some as high as 50%.<\/p>\n
The announcement rattled financial markets, leading Trump to temporarily suspend all but the 10% base rate for 90 days to give negotiators time to strike new trade deals. However, the talks have proven more difficult and drawn-out than initially anticipated.<\/p>\n
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