The United States is close to finalizing several trade agreements by July 9, the date when increased tariffs are set to take effect.
This was stated on Sunday by U.S. Treasury Secretary Scott Bessent, who forecasted several major announcements in the coming days, according to Ukrinform citing Reuters.
According to Bessent, President Donald Trump will also send letters to 100 smaller countries with which the U.S. does not currently have active trade relations.
These letters will inform the countries that they will be subject to higher tariff rates, originally imposed on April 2 but suspended until July 9.
“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 August 1 you will boomerang back to your April 2 tariff level. So, I think we’re going to see a lot of deals very quickly,” Bessent said.
At the same time, he denied that August 1 is a new deadline for trade talks.
“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,” the Secretary added.
Kevin Hassett, head of the White House National Economic Council, earlier suggested that countries engaged in serious negotiations could be granted some conditional flexibility.
“There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,” Hassett noted, adding that Trump himself will decide whether any exceptions can be made.
As reported by Ukrinform, President Donald Trump previously stated he does not plan to extend the 90-day pause on tariffs for most countries beyond July 9, the deadline he set for trade negotiations.
Photo: Tom Williams / CQ Roll Call
Source: U.S. close to finalizing several trade deals – Bessent
