U.S. tariffs are set to be reinstated on August 1 unless agreements are negotiated with trading partners, according to Treasury Secretary Scott Bessent. President Trump mentioned a July 9 deadline for these negotiations, previously suspending the tariffs to facilitate talks. Although there have been deals with the UK and Vietnam, Trump also relayed that there are ongoing negotiations with several countries. He plans to send letters notifying countries of the tariff rates, considering this method simpler than extensive negotiations.
U.S. tariffs will be reinstated on August 1 unless trading partners negotiate deals with Washington. Treasury Secretary Scott Bessent confirmed high-rate tariffs set to return if talks fail.
President Trump indicated that he signed 12 letters to inform countries about impending U.S. tariff rates, emphasizing the straightforward nature of sending notices over negotiations.
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