WASHINGTON — Treasury Secretary Scott Bessent said Sunday that nations still without finalized trade deals with the United States will face steep tariffs starting August 1, warning that rates will revert to the punishing levels first announced in President Donald Trump’s April 2 “Liberation Day” speech.
In an interview on CNN’s State of the Union, Bessent made clear that Trump will soon begin notifying governments of the looming tariff hike. “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 Aug. 1, you will boomerang back to your April 2 tariff level,” Bessent said. “So I think we’re going to see a lot of deals very quickly.”
The announcement appears to shift attention away from the initial 90-day pause, which is set to expire July 9, creating confusion about whether the real deadline is now Aug. 1.
CNN anchor Dana Bash pressed Bessent on the apparent extension, calling it “a new deadline.” Bessent pushed back: “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.”
Trump: “They’ll Start to Pay on Aug. 1”
President Trump echoed the new timeline in late-night remarks on Friday, telling reporters that countries will begin paying at the old April 2 tariff rates “on Aug. 1, in pretty much all cases.”
Asked if any countries might be given leeway past the July 9 mark, Trump responded bluntly: “Not really.”
He added that formal notification letters are expected to go out within days. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs,” Trump said. “We’ve done the final form, and it’s basically going to explain what the countries are going to be paying in tariffs.”
While the White House has not yet clarified whether July 9 remains a firm milestone or if August 1 is the true deadline, Trump’s messaging has fluctuated. Last month, he suggested the deadline could be adjusted — “We can extend it, we can shorten it” — only to later insist it would not change.
Many Countries Still Haven’t Responded, Bessent Says
Bessent said on Sunday that several nations had made no attempt to engage in trade talks. “Many of these countries never even contacted us,” he claimed.
Despite that, the White House had previously projected confidence that trade negotiations were moving swiftly. In April, then–White House trade adviser Peter Navarro predicted “90 deals in 90 days.” More recently, Trump declared that “everybody wants to make a deal,” and claimed countries were “calling us up, kissing my a–.”
Market Jitters Return as Tariff Threat Looms
The unclear deadline and looming tariff hikes rattled markets on Friday. Stock futures dipped after Trump’s comments, reversing some gains made during the quiet period that followed the initial pause in April.
Trump has already imposed higher tariffs on a wide range of imports, including automobiles, steel, aluminum, and a swath of goods from China and Vietnam. The broader escalation threatens to further disrupt global trade and raise prices for American consumers, as tariffs are paid by U.S. importers, who often pass on the cost.
With Trump reaffirming his August 1 deadline and Bessent signaling no patience for delays, the pressure is now on foreign governments to strike deals fast — or face a sharp economic hit.
