Bessent: Tariffs will ‘boomerang’ back to April levels by Aug. 1 for countries without deals

Bessent: Tariffs will ‘boomerang’ back to April levels by Aug. 1 for countries without deals


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.

Elizabeth Frantz | Reuters

Treasury Secretary Scott Bessent said Sunday that tariffs announced back in April will take effect on Aug. 1 for countries that have not reached an agreement with President Donald Trump’s administration.

“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,” Bessent said on CNN’s “State of the Union.”

On Aug. 1, countries will “get a letter saying that if we have not reached an agreement, then you will go back to the April 2 level,” he said.

Bessent rejected the idea that Aug. 1 is yet another new tariff deadline, but the August date could still give trading partners more time to renegotiate tariff rates.

“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,” Bessent said.

In April, Trump announced a 90-day pause on the steep tariffs he had unveiled just days prior on most major trading partners. That 90-day pause is due to expire on Wednesday, sparking concern among investors and U.S. trading partners.

Read more CNBC politics coverage

Bessent’s comments come after Trump last week said the administration would send roughly a dozen letters to trading partners on Monday notifying them of their tariff rates effective Aug. 1.

“They’ll start to pay on August 1. The money will start to come into the United States on August 1, in pretty much all cases,” Trump told reporters on Friday.

Bessent suggested that new trade deals could be announced soon.

“I would expect to see several big announcements over the next couple of days,” he said, when asked about whether the administration is close to any deals before Wednesday.



Source

Trump’s trade deals and tariffs are on the chopping block in court. What happens next
Politics

Trump’s trade deals and tariffs are on the chopping block in court. What happens next

U.S. President Donald Trump and British Prime Minister Keir Starmer react after picking up the trade agreement with the U.K. papers that Trump dropped as they speak to the media during the G7 summit in Kananaskis, Alberta, Canada, June 16, 2025. Kevin Lamarque | Reuters President Donald Trump’s sweeping tariff powers and recent trade deals […]

Read More
Trump arrives in Scotland for golf and bilateral talks as EU trade deal nears
Politics

Trump arrives in Scotland for golf and bilateral talks as EU trade deal nears

Members of the police walk near the clubhouse of Trump Turnberry resort, during U.S. President Donald Trump’s visit to Scotland, in Turnberry, Scotland, on July 26, 2025. Phil Noble | Reuters U.S. President Donald Trump, dogged by questions about his ties to disgraced financier and sex offender Jeffrey Epstein, arrived in Scotland on Friday for […]

Read More
FEMA to send states 8 million to build migrant detention centers
Politics

FEMA to send states $608 million to build migrant detention centers

An aerial view of a migrant detention center, dubbed “Alligator Alcatraz,” is seen located at the site of the Dade-Collier Training and Transition Airport in Ochopee, Florida on July 7, 2025. Chandan Khanna | AFP | Getty Images The Federal Emergency Management Agency is preparing to send $608 million to states to construct immigrant detention […]

Read More