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 deadline on Tuesday for steep tariffs to take effect. However, Bessent also mentioned the possibility of extending the deadline to August 1 for countries that are still working towards a deal.
During an interview on CNN’s “State of the Union,” Bessent stated, “There’s a lot of foot dragging on the other side, and so I would expect to see several big announcements over the next couple of days.” He also added that the administration will be busy over the next 72 hours.
Bessent also mentioned that the administration will begin informing countries about the tariff rates they could face if they do not quickly reach trade agreements with the United States. He stated, “President Trump’s going to be sending letters to some of our trading partners, saying that, if you don’t move things along, then, on Aug. 1, you will boomerang back to your April 2 tariff level.”
In a social media post on Sunday, President Trump stated that the United States will be delivering letters beginning Monday at noon. He also mentioned that any country aligned with “the anti-American policies of BRICS” will face an additional 10 percent tariff, without providing further details.
Bessent and Trump’s comments come just three days before the 90-day pause on the president’s steepest levies is set to expire. Trump first mentioned the possibility of an August 1 extension in comments to reporters on Air Force One on Friday night.
Bessent clarified that this is not a new deadline, but rather a reminder that the tariffs will take effect if countries do not speed up the negotiation process. He stated, “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice.”
Trump initially announced the so-called reciprocal tariffs in early April, but suspended them shortly after due to the impact on global financial markets. So far, the United States has only reached preliminary trade deals with Vietnam and the United Kingdom, falling short of Trump’s goal of 90 deals in 90 days.
Bessent expressed confidence that the administration will be able to reach deals within the next few days once the letters are sent out. He stated, “We have the leverage in this situation.
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