But the Treasury secretary also said that some countries working toward agreements with the United States could have until Aug. 1.The New York Times reports that Treasury Secretary Scott Bessent stated on Sunday that the Trump administration is confident in reaching trade agreements with some countries before the Aug. 1 deadline for steep tariffs to take effect. However, he also mentioned the possibility of extending the deadline for countries that are still working towards deals.
During an interview on CNN’s “State of the Union,” Mr. Bessent expressed frustration with the slow progress of negotiations on the other side and predicted that there would be several major announcements in the next few days. He also revealed that the administration will begin informing countries about the tariff rates they could face if they do not reach agreements with the United States quickly.
According to Mr. Bessent, President Trump will be sending letters to some trading partners, warning them that if they do not speed up negotiations, they will face the tariff rates from April 2. He believes that this will prompt countries to make deals quickly.
The 90-day pause on Mr. Trump’s steepest tariffs is set to expire in just three days. The president first mentioned the possibility of extending the deadline to Aug. 1 in comments to reporters on Air Force One on Friday night. However, Mr. Bessent clarified that this is not a new deadline, but rather a reminder that the tariffs will take effect if countries do not act quickly.
The Trump administration first announced the so-called reciprocal tariffs in early April, but suspended them shortly after due to the negative impact on global financial markets. So far, the United States has only reached preliminary trade deals with Vietnam and the United Kingdom, falling far short of Trump’s goal of 90 deals in 90 days.
Mr. Bessent remains confident that the administration will be able to reach deals within the next few days once the letters are sent out. He emphasized that the United States holds the leverage in this situation.
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