Treasury Secretary Scott Bessent announced on Sunday that tariffs introduced in April will take effect on August 1 for countries that fail to reach an agreement with the Trump administration.
During his appearance on CNN’s “State of the Union,” Bessent stated, “President Trump will send letters to certain trading partners indicating that if there is no progress, the April 2 tariff levels will be reinstated on August 1.”
While Bessent insisted that the August 1 date is not merely another deadline for tariffs, he acknowledged it could provide trading partners additional time to renegotiate their tariff rates.
“This is when the tariffs will be enforced; if you want to expedite discussions, you can. If you prefer to revert to the previous rates, that is your decision,” Bessent explained.
In April, Trump had announced a 90-day suspension of the steep tariffs he had proposed just days earlier, a truce that is set to end on Wednesday, raising concerns among investors and international trading partners.
The White House has yet to respond to Finance Newso’s request for comments about Bessent’s statements.
These remarks from Bessent follow Trump’s announcement last week that the administration plans to send approximately a dozen letters to trading partners on Monday, outlining the tariff rates set to take effect on August 1.
“Payment will commence on August 1. The revenue will start coming into the United States almost immediately,” Trump stated to reporters on Friday.
Bessent hinted at the possibility of forthcoming trade agreements, suggesting that “I expect to see several significant announcements in the coming days” when asked about the administration’s negotiations before the deadline on Wednesday.
