US Treasury Secretary Scott Bessent said on Sunday that Trump will notify trading partners that if no agreements are reached, tariffs will revert to the higher April 2 levels starting August 1. The warning will be delivered via formal letters.
Bessent noted that the US is close to finalising several trade deals, with major announcements expected in the coming days ahead of the July 9 deadline when suspended tariffs are set to resume.
Additionally, 100 smaller nations—many of which haven’t engaged in talks with the U.S.—will receive notice that they will be assigned fixed tariff rates.
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July 9 was supposed to be the date, but Bessent opening to door to an August 1 date instead, leaving room for another few weeks of talks.
Late last week:
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TACO refers to the saying in the market that ‘Trump Always Chickens Out’, that is he announces tariffs and other damaging economic policies and then delays them. Trump says its not TACO but a genius negotiating tactic. You be the judge.
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