Washington is on the verge of concluding multiple trade agreements. “We expect some major announcements in the coming days,” US Treasury Secretary Scott Bessent said in an interview with news channel CNN.
He also stated that President Donald Trump will inform trading partners by letter that, if no agreement is reached, the United States will revert to the high level of tariffs in effect as of April 2. According to the minister, these tariffs will go into effect on August 1.
Trump previously set a deadline of July 9 to reach an agreement on trade tariffs. If this does not succeed, high American import duties are threatened to take effect.
Bessent also said that the Trump administration will send letters to approximately one hundred smaller countries with which the United States conducts little trade. The letters state that they will face increased import tariffs, which were initially set on April 2 but were later suspended until July 9.
