Treasury Secretary Scott Bessent on Monday said the Trump administration will make “several” trade-related announcements in the next 48 hours, signaling imminent progress even as U.S. tariff deadlines appear to be shifting.
Speaking on CNBC’s “Squawk Box,” Bessent also declined, yet again, to rule out the possibility that he could serve as the next chair of the U.S. Federal Reserve, if President Donald Trump asks him to.
Bessent said foreign trade officials are rushing to make deals with the United States before July 9, when high tariff rates on dozens of countries’ goods are set to snap back into effect.
“We’ve had a lot of people change their tune in terms of negotiations,” he said. “So my, my mailbox was full last night with a lot of new offers, a lot of new proposals.”
“It’s going to be a busy couple of days,” he added.
But Bessent also repeated the administration’s new line, rolled out over the holiday weekend, that country specific tariff rates will not be collected until Aug. 1.
His remarks came one day after Trump said his administration could send as many as 15 letters to U.S. trade partners between Monday and Wednesday, dictating new tariff rates that would be imposed on their exports to the United States.
Trump also said “some deals have been made,” suggesting the administration could unveil a mix of bilateral trade deals and unilateral tariff letters this week.
Bessent said on CNBC that the letters would be “pretty standard.”
“It’s just, ‘Thank you for wanting to trade with the United States of America. We welcome you as a trading partner. And here’s the rate, unless you want to come back and try to negotiate,'” Bessent said.
On Sunday night, Trump said in a Truth Social post that tariff “Letters, and/or Deals,” will be sent out starting Monday at noon ET.
Earlier in the day Sunday, Trump gave a vague answer when he was asked if U.S. tariff rates will be changing on Wednesday, or not until Aug. 1.
“They’re going to be tariffs. The tariffs are going to be the tariffs. I think we’ll have most countries done by July 9. Either a letter or a deal,” Trump said before returning to Washington, D.C., from New Jersey.
Commerce Secretary Howard Lutnick, who was standing next to Trump on an airport taxiway, added, “But they go into effect on August 1 … the president is setting the rates and the deals right now.”
The White House did not respond to several requests from CNBC for more clarity on the trade timeline.
Bessent was also asked again Monday about the possibility that he could replace Federal Reserve Chair Jerome Powell, whose term ends next May.
“I will do what the President wants,” Bessent said. “But I think that we are making great gains here at Treasury, we’ve had a busy five, six months out of the box, and we’ve got a lot to do.”
