According to Treasury Secretary Scott Bessent the Trump administration is in the process of making some big announcements on the trade front. Look for these updates in the next 48 hours! The new timeline happens to coincide with the latest round of tariff increases, which are about to go into effect for many countries. On Monday, President Trump announced that he will send signed letters imposing tariffs to 12 countries. This announcement has sent foreign jurisdictions scrambling to pull together the very last-minute deal, with a goal to finalize agreement by the July 9 deadline.
Bessent noted that the letters being sent out will be “pretty standard,” indicating a straightforward approach to the administration’s trade strategy. In recent remarks, Trump suggested that the negotiations were as difficult as they sound, noting that “some very tough deals … are done.” That seems to point to a mix of bilateral trade agreements and unilateral tariff letters being announced in the days ahead.
As the clock ticks down to July 9, Bessent observed that foreign trade officials are racing to solidify deals with the United States. On this date, high tariff rates on various goods from numerous nations will revert to previous levels unless new agreements are reached. The administration made clear that these country-specific tariff rates will not be implemented until August 1.
The tariffs are going to tariff. My hope is that we have all of the countries completed by July 9. An agreement or else,” Trump declared in the response, amplifying the stakes of the moment. He clarified what the administration had announced with respect to Vietnam. This agreement would mean a 20% tariff on these imports, further demonstrating their hardline approach to trade.
Bessent highlighted the administration’s Kashmir-like theme of opening up to trading partners. From there, he sincerely thanked them for their interest in collaborating with the United States. “Thank you for wanting to trade with the United States of America. We welcome you as a trading partner. Here’s the rate, unless you want to come back and try to negotiate,” he said.
The constantly moving tariff deadlines have caused a great deal of uncertainty with regard to the impact on U.S. and foreign economies alike. Bessent added, “It’s going to be a crazy few days.” He pointed out that negotiations are moving quickly as industries, labor and other groups prepare themselves for changes in trade policy.
In addition to trade matters, Bessent addressed speculation regarding his potential succession of Federal Reserve Chair Jerome Powell, stating, “I will do what the President wants. I think that we are making great gains here at Treasury.”
The administration continues to navigate complex international relations, with Trump recently discussing trade issues with Russian President Vladimir Putin after a pause in U.S. weapons shipments to Ukraine. This back and forth is a positive indication of the complicated reality that is global trade negotiations.