On Monday, Treasury Secretary Scott Bessent announced that the Trump administration plans to unveil “several” trade-related updates within the next 48 hours. This announcement comes amid shifting deadlines for U.S. tariffs, indicating a potential breakthrough in negotiations.
During his appearance on Finance Newso’s “Squawk Box,” Bessent refrained from dismissing the idea of being appointed as the next chair of the U.S. Federal Reserve if requested by President Donald Trump.
Bessent highlighted the urgency of foreign trade officials to reach agreements with the U.S. before July 9, when higher tariff rates on a variety of imports are expected to be reinstated.
“There has been a significant shift in negotiations,” Bessent noted. “My inbox was filled with new offers and proposals just last night.”
“We are expecting a busy couple of days ahead,” he remarked.
However, Bessent reiterated the administration’s recent message that country-specific tariff rates would not be enforced until August 1.
This announcement followed President Trump’s statement indicating that his administration might send up to 15 letters to U.S. trade partners between Monday and Wednesday, outlining new tariff rates applicable to their exports to the United States.
Trump also mentioned that “some deals have been made,” implying that a combination of bilateral trade agreements and unilateral tariff letters could be revealed during the week.
According to Bessent, the letters would maintain a straightforward format.
“It’s simply a note expressing gratitude for their willingness to trade with the U.S. and outlining the rates, unless they wish to negotiate further,” Bessent explained.
On Sunday evening, Trump indicated in a post on Truth Social that tariff “letters and/or deals” would commence distribution starting Monday at noon ET.
“Tariffs are going to be established. I believe we will finalize arrangements with most countries by July 9, whether that is through a letter or a deal,” Trump stated as he returned to Washington, D.C. from New Jersey.
Commerce Secretary Howard Lutnick, who accompanied Trump, added, “But they will take effect on August 1 … the president is currently determining the rates and the deals.”
The White House did not respond to multiple inquiries from Finance Newso seeking clarification on the trade timeline.
Once again, Bessent was asked about the potential for him to succeed Federal Reserve Chair Jerome Powell, whose term expires next May.
“I will support whatever course the President chooses,” Bessent stated. “However, I believe we have made significant progress at the Treasury, and there remains much work to be done.”
