Time has run out for some US trade partners looking to make deals ahead of President Trump’s July 9 deadline for tariffs to return to his originally proposed higher levels.

Trump said Friday he would start sending out letters to countries to notify them of the tariff rates they will face on exports to the US, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

The Trump team has so far been focused on hammering out trade deals, though it has succeeded in nailing only three pacts so far.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Here is where things stand with various partners:

US Treasury secretary Scott Bessent said the playbook was to apply ‘maximum pressure’. (AP pic)

WASHINGTON : US tariffs will kick in on Aug 1 if trading partners from Taiwan to the EU do not strike deals with Washington, treasury secretary Scott Bessent said Sunday.

The rates will “boomerang back” to the sometimes very high levels which president Donald Trump had announced on April 2 – before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Bessent told CNN.

Bessent confirmed comments by Trump to reporters aboard Air Force One on Friday in which he also cited a new deadline: “Well, I’ll probably start them on Aug 1. Well, that’s pretty early. Right?”

The president said he had signed 12 letters to be sent out, likely on Monday.

The tariffs were part of a broader announcement in April where Trump imposed a 10% duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days.

But he swiftly paused the hikes until July 9, allowing for trade talks to take place.

Countries have been pushing to strike deals that would help them avoid these elevated duties.

So far, the Trump administration has unveiled deals with the UK and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other’s products.

As his July 9 deadline approaches, Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters.

Aboard Air Force One on Friday, Trump said sending notices would be much easier than “sitting down and working 15 different things… this is what you have to pay, if you want to do business (with) the US”.

Bessent pushed back at CNN host Dana Bash’s assertion the administration was using threats rather than negotiations, and denied that Trump was setting a new deadline with the Aug 1 date.

“It’s not a new deadline. We are saying, this is when it’s happening, if you want to speed things up have at it. If you want to go back to the old rate that’s your choice,” he said.

He said the playbook was to apply “maximum pressure” and cited the EU as an example, saying they are “making very good progress” after a “slow start”.

Sign up now: Get ST’s newsletters delivered to your inbox

Many of the US’ trade partners have begun negotiations in a bid to avoid the elevated duties.

– US tariffs will kick in on Aug 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said on July 6.

The rates will “boomerang back” to the sometimes very high levels which President Donald Trump had announced on April 2 – before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Mr Bessent told CNN.

He confirmed comments by Mr Trump to reporters aboard Air Force One on July 4 in which he also cited a new deadline: “Well, I’ll probably start them on August 1. Well, that’s pretty early. Right?“

The president said he had signed 12 letters to be sent out , likely on July 7.

The tariffs were part of a broader announcement in April where Mr Trump imposed a 10 per cent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days.

But he swiftly paused the hikes until July 9 , allowing for trade talks to take place.

Countries have been pushing to strike deals that would help them avoid these elevated duties.

So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other’s products.

Mr Bessent said the administration was “close to several deals”.

“I would expect to see several big announcements over the next couple of days,” he said.

But he would not say which countries he was referring to, adding: “I don’t want to let them off the hook.”

As his July 9 deadline approaches, Mr Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters.

Aboard Air Force One on July 4, Mr Trump said sending notices would be much easier than “sitting down and working 15 different things… this is what you have to pay, if you want to do business (with) the United States.”

Mr Bessent pushed back at CNN host Dana Bash’s assertion the administration was using threats rather than negotiations, and denied that Mr Trump was setting a new deadline with the Aug 1 date.

“It’s not a new deadline. We are saying, this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” he said.

He said the playbook was to apply “maximum pressure” and cited the EU as an example, saying they are “making very good progress” after a slow start.

EU and US negotiators are holding talks over the weekend, and France’s finance minister said on July 5 that he hoped they could strike a deal this weekend.

Other countries were still expressing unease, however.

Japan’s Prime Minister Shigeru Ishiba said on July 6 he “won’t easily compromise” in trade talks with Washington.

And Brics leaders meeting in Rio de Janeiro are expected to decry the tariffs on July 6, saying they are illegal and risk hurting the global economy. AFP

U.S. Treasury Secretary Scott Bessent speaks to reporters at the U.S. Capitol as Republican lawmakers struggle to pass U.S. President Donald Trump’s sweeping spending and tax bill, on Capitol Hill in Washington, D.C., U.S., June 27, 2025. REUTERS/Elizabeth Frantz/File Photo Purchase Licensing Rights , opens new tab

Summary Higher tariffs to kick in on August 1

White House’s Hassett says deadline could be extended in some cases

Treasury secretary says 100 smaller countries to get tariff letters soon

Bessent says some countries ‘foot-dragging’ on getting to deals

WASHINGTON, July 6 (Reuters) – The United States is close to clinching several trade deals ahead of a July 9 deadline when higher tariffs kick in, U.S. Treasury Secretary Scott Bessent said on Sunday, predicting several big announcements in coming days.

Bessent told CNN’s “State of the Union” that President Donald Trump would also send out letters to 100 smaller countries with whom the U.S. doesn’t have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

Sign up here.

“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent told CNN.

Since taking office, Trump has set off a global trade war that has upended financial markets and sent policymakers scrambling to guard their economies, including through deals with the U.S. and other countries.

Trump on April 2 announced a 10% base tariff rate and additional amounts for most countries, some ranging as high as 50%. The news roiled financial markets, prompting the U.S. president to suspend all but the 10% base rate for 90 days – until July 9 – to allow more time for negotiations to secure deals, but the process has proven more challenging than expected.

Bessent denied that August 1 was a new deadline for negotiations. “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” he told CNN.

Kevin Hassett, who heads the White House National Economic Council, in an interview on CBS’s “Face the Nation” program, offered some wiggle room for countries engaged in earnest negotiations.

“You know, the United States is always willing to talk to everybody about everything that’s going on in the world,” he said. “There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,” Hassett said, adding that Trump would decide if that could happen.

‘I HEAR GOOD THINGS’

Stephen Miran, chairman of the White House Council of Economic Advisers, told ABC News’ “This Week” program that countries needed to make concessions to get lower tariff rates.

“I hear good things about the talks with Europe. I hear good things about the talks with India,” Miran said. “And so I would expect that a number of countries that are in the process of making those concessions… might see their date rolled.”

Bessent told CNN the Trump administration was focused on 18 important trading partners that account for 95% of the U.S. trade deficit. But he said there had been “a lot of foot-dragging” among countries in finalizing trade deals.

He declined to name countries close to a trade agreement, “because I don’t want to let them off the hook.”

Trump has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with Japan.

Hassett told CBS News that framework agreements already reached with Britain and Vietnam could provide guidelines for other countries seeking trade deals with Washington.

Miran called the Vietnam deal “fantastic.”

“It’s extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They’re opening their markets to ours, applying zero tariff to our exports.”

Trump on Friday said countries not offering concessions could see their tariff rates spike up to 70%, but offered no details. Bessent, asked about the 70% rate, referred back to the April 2 list, but that did not include rates that high.

Reporting by Andrea Shalal and Brendan O’Brien; Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles. , opens new tab

U.S. tariffs will kick in on August 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said on Sunday (July 6, 2025).

The rates will “boomerang back” to the sometimes very high levels which U.S. President Donald Trump had announced on April 2 — before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Mr. Bessent told CNN.

Mr. Bessent confirmed comments by Mr. Trump to reporters aboard Air Force One on Friday (July 4, 2025) in which he also cited a new deadline: “Well, I’ll probably start them on August 1. Well, that’s pretty early. Right?”

The U.S. President said he had signed 12 letters to be sent out, likely on Monday (July 7, 2025).

The tariffs were part of a broader announcement in April where Mr. Trump imposed a 10% duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days.

But he swiftly paused the hikes until July 9, allowing for trade talks to take place.

Countries have been pushing to strike deals that would help them avoid these elevated duties.

So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other’s products.

Mr. Bessent said the administration was “close to several deals.”

“I would expect to see several big announcements over the next couple of days,” he said.

But he would not say which countries he was referring to, adding: “I don’t want to let them off the hook.”

As his July 9 deadline approaches, Mr. Trump has repeatedly said he plans to inform countries of U.S. tariff rates by sending them letters.

Aboard Air Force One on Friday (July 4, 2025), Mr. Trump said sending notices would be much easier than “sitting down and working 15 different things… this is what you have to pay, if you want to do business (with) the United States.”

Mr. Bessent pushed back at CNN host Dana Bash’s assertion the administration was using threats rather than negotiations, and denied that Mr. Trump was setting a new deadline with the August 1 date. “It’s not a new deadline. We are saying, this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” he said.

He said the playbook was to apply “maximum pressure” and cited the European Union as an example, saying they are “making very good progress” after a slow start.

EU and U.S. negotiators are holding talks over the weekend, and France’s Finance Minister said on Saturday (July 5, 2025) he hoped they could strike a deal this weekend. Other countries were still expressing unease, however.

Japan’s Prime Minister Shigeru Ishiba said on Sunday (July 6, 2025) he “won’t easily compromise” in trade talks with Washington.

And BRICS leaders meeting in Rio de Janeiro are expected to decry the tariffs Sunday (July 6, 2025), saying they are illegal and risk hurting the global economy.