U.S. Treasury Secretary Scott Bessent discusses the July 9 deadline for trade deals and the potential to "spring back to the April 2 levels" on tariffs for countries that can't get a deal across the line.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

U.S. Treasury Secretary Scott Bessent addressed the status of ongoing trade negotiations with 18 key international partners. He indicated that as the deadline for finalizing these deals nears, there is likely to be a significant increase in activity and offers from participating countries.

Bessent noted that experienced staff are surprised by the concessions being made, particularly regarding tariffs and non-tariff barriers. He emphasized that if agreements are not reached by the deadline, tariffs could revert to earlier, higher levels, depending on the decision of President Trump.

Bessent expects flurry of trade deals as pressure increases

Part of this uncertainty does relate back to the trade deals. You've set a deadline for July 9th with key trading partners or at least the administration in total has. How many of the key 18 the 18 most important partners that you have been speaking about have deals that will be agreed to by that time. We'll see. I'm not going to negotiate on TV and let people off the hook. But as always there's going to be a flurry going into the final week as the pressure increases. What can you tell us about what's coming out of those deals. Are they inked deals or are they negotiations for future deals. Well what I can tell you is that the staff level whether it's a treasury at USTR at Commerce people who've been around for 20 years are in amazement. And they're saying these companies these countries are coming with offers that they can't believe. So in terms of bringing down tariffs non-tariff trade barriers we're leaving aside currency. The financing of the labor and capital in an advantageous way. All these countries are pulling back. So you've said that trade negotiations could be wrapped up by Labor Day. How should investors and nations impact be thinking about that July 9th deadline. And could that be pushed back to avoid going back to those April 2nd tariff rates. Well that's going to be up to President Trump. And I'm not going to tell any country we have countries that are negotiating in good faith. But they should be aware that if we can't get across the line because they are being recalcitrant then we could spring back to the April 2nd levels. I hope that won't have to happen.

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Bessent expects flurry of trade deals as pressure increases

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