U.S. Treasury Secretary Scott Bessent speaks to reporters on the U.S. Capitol as Republican lawmakers battle to move U.S. President Donald Trump’s sweeping spending and tax invoice, on Capitol Hill in Washington, D.C., U.S., June 27, 2025.
Elizabeth Frantz | Reuters
Treasury Secretary Scott Bessent mentioned Sunday that tariffs introduced again in April will take impact on Aug. 1 for international locations that haven’t reached an settlement with President Donald Trump’s administration.
“President Trump’s going to be sending letters to a few of our buying and selling companions saying that in case you do not transfer issues alongside, then on August 1, you’ll boomerang again to your April 2 tariff stage,” Bessent mentioned on CNN’s “State of the Union.”
On Aug. 1, international locations will “get a letter saying that if now we have not reached an settlement, then you’ll return to the April 2 stage,” he mentioned.
Bessent rejected the concept Aug. 1 is one more new tariff deadline, however the August date might nonetheless give buying and selling companions extra time to renegotiate tariff charges.
“We’re saying that is when it is taking place, if you wish to velocity issues up, have at it, if you wish to return to the outdated fee that is your selection,” Bessent mentioned.
In April, Trump introduced a 90-day pause on the steep tariffs he had unveiled simply days prior on most main buying and selling companions. That 90-day pause is because of expire on Wednesday, sparking concern amongst buyers and U.S. buying and selling companions.
Bessent’s feedback come after Trump final week mentioned the administration would ship roughly a dozen letters to buying and selling companions on Monday notifying them of their tariff charges efficient Aug. 1.
“They’re going to begin to pay on August 1. The cash will begin to come into america on August 1, in just about all instances,” Trump advised reporters on Friday.
Bessent steered that new commerce offers might be introduced quickly.
“I’d anticipate to see a number of massive bulletins over the subsequent couple of days,” he mentioned, when requested about whether or not the administration is near any offers earlier than Wednesday.