U.S. Treasury Secretary Besant stated that countries that do not reach an agreement will face tariffs starting August 1, but denied that this date is a "new deadline."

On July 7, U.S. Treasury Secretary Bessent said on Sunday that tariffs announced in April for countries that have not reached a trade agreement with the Trump administration will be reinstated on August 1. Bessent stated, "President Trump will send letters to some of our trading partners saying that if you do not take action, then on August 1, your tariffs will return to the levels of April 2." He mentioned that on August 1, countries that have not reached an agreement will "receive a letter." Bessent dismissed the idea that August 1 is another new tariff deadline, but the August date still allows trading partners more time to renegotiate tariff rates. Bessent said, "What we are talking about is that when things happen, if you want to speed it up, then you better get started soon; if you want to go back to the original rates, that is your choice." In April of this year, Trump announced a 90-day suspension of high tariffs imposed on most major trading partners. The tariff suspension will expire on Wednesday (July 9). (CNBC)