U.S. tariffs to kick in Aug. 1, barring trade deals
Major U.S. trading partners hurried over the weekend to secure trade deals or lobby for extra time, while Treasury Secretary Scott Bessent indicated that some countries lacking an agreement by the deadline Wednesday will have the option of a three-week extension to negotiate.
In interviews with two programs Sunday, Bessent signaled that letters U.S. President Donald Trump is poised to send trading partners this week aren’t the final word on countries’ immediate tariff rates. The levies will kick in Aug. 1, so there’s still time for those that aren’t close to an agreement to bring offers to the table.
The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates and Indonesia as members.
For weeks, the administration has signaled that Trump’s reciprocal tariffs will revert on July 9 to their higher April 2 levels for countries that fail to secure an accord aimed at reducing U.S. trade imbalances. Bessent acknowledged that the sheer number of ongoing discussions is complicating the final stages.
Trump and Bessent’s latest remarks suggest talks remain fluid and deals are elusive three days before the original deadline. The Treasury secretary said Washington is applying maximum pressure on trading partners, and there’s been “very good progress” in its discussions with the European Union — a 27-nation bloc that accounts for almost one-fifth of total U.S. goods trade.
The letters initially were supposed to go out on July 4 with a tariff imposition date of Aug. 1, based on Trump’s earlier comments. Meanwhile, U.S. officials have been busily negotiating through the holiday weekend, including with Japan, South Korea, the EU, India and Vietnam.
Source: japantimes
