The United States is warning its trading partners to neobtainediate new deals or face higher import taxes by August 1, the latest deadline in President Donald Trump‘s implementation of “reciprocal” tariffs.
Trump states letters will be sent out on Monday, alerting countries that higher duties are imminent unless agreements are reached.
“President Trump’s going to be sfinishing letters to some of our trading partners stateing that if you don’t relocate things along, then on August 1 you will boomerang back to your April 2 tariff level. So I believe we’re going to see a lot of deals very quickly,” US Treasury Secretary Scott Bessent informed CNN’s “State of the Union” on Sunday.
In April, Trump announced a 90-day pautilize, until July 9, on tariffs ranging from 10% to 50% on dozens of countries, including most major trading partners.
Bessent insisted the August tarreceive is “not a new deadline” for neobtainediations.
“We are stateing 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,” Bessent declared.
EU-US trade talks ongoing
The European Union (EU) is among those at risk. Without a deal, tariffs on EU goods could soar to 50%, affecting everything from French cheese to German electronics.
EU and US neobtainediators talked through the weekfinish in an effort to reach a new agreement.
Bessent declared the administration’s strategy is to apply “maximum pressure,” citing the EU as an example. He noted they are “creating very good progress” after a slow start.
He added that the administration is “close to several deals.”
“I would expect to see several large announcements over the next couple of days,” he added.
Deals have already been reached with the United Kingdom and Vietnam.
The EU states it hopes to reach a deal, but is prepared to retaliate with tariffs on US exports.
The value of EU-US trade in goods and services amounted to €1.7 trillion ($2 trillion) in 2024, or an average of €4.6 billion a day, according to EU statistics agency Eurostat.
Edited by: Srinivas Mazumdaru
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