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By Amanda Castro and Jesus Mesa
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Treasury Secretary Scott Bessent warned Monday that countries negotiating trade deals with the United States could still face steep tariff hikes on July 9, even if talks are ongoing.
Speaking to Bloomberg Television, Bessent said any decision to extend the deadline would rest solely with President Donald Trump, who has previously signaled flexibility but has not committed to a delay.
"We have countries that are negotiating in good faith," Bessent said, "but they should be aware that if we can't get across the line...we could spring back to the April 2 levels."
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He described an expected "flurry" of last-minute deals, but warned that countries perceived to be stalling could bear the full weight of the tariff increase.
Why It Matters
The July 9 deadline marks the expiration of a 90-day pause in broad-based U.S. tariffs that Trump imposed via executive order on April 9. The order temporarily reduced country-specific tariffs to 10 percent, providing foreign governments with a window to negotiate new bilateral trade agreements. Without formal extensions, those tariffs are set to revert to their original levels—ranging from 11 to 50 percent—on July 9.
The White House initially framed the pause as part of an ambitious push to secure "90 trade deals in 90 days," but with that deadline now days away, only a limited number of agreements have been finalized, leaving dozens of countries at risk of steep new import duties.
What To Know
Bessent's remarks clarify the administration's position amid mixed signals from Trump, who last week told CNBC and Fox News that the deadline was flexible, even as his executive order setting the tariffs remains in force and unmodified.
"I'm not going to negotiate on TV and let people off the hook," he said.
Bessent also pushed back against suggestions that tariffs are inflationary, saying, "We have seen no inflation from tariffs. If we do...then there'd be a one-time price adjustment. Nothing is more transitory than that."
He emphasized that reciprocal tariffs, distinct from Section 232 tariffs on national security grounds, were at the center of current talks. "What we're negotiating now are the reciprocal tariffs. Two hundred thirty-two take longer to implement," he said.
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In reference to the aggressive nature of the administration's trade posture, Bessent said, "People who've been around for 20 years are in amazement. These countries are coming with offers that they can't believe."
More broadly, Bessent tied the tariff strategy to the administration's broader economic agenda, which includes the expected passage of a major tax bill by July 4.
"We're going to have the tax bill on his desk by July 4. We're going to be wrapping up the trade talks," he said.
As for speculation that he may be nominated as the next Federal Reserve chair, Bessent demurred. "I will do what the president wants, but I think I have the best job in D.C.," he said.
He confirmed the administration is considering options for succession at the Fed, including appointing a chair after Jerome Powell's expected departure in May.
What People Are Saying
President Donald Trump told on Fox Business on Sunday: "We'll look at how a country treats us—are they good, are they not so good—some countries we don't care, we'll just send a high number out."
Brando Benifei, a member of the European Parliament and chair of its diplomatic delegation with the United States, told The New York Times: "The expectation that we have is that by the 9th, something will be there — but it might be very little."
What Happens Next
As of Monday, only a handful of trade deals have been finalized. While some nations continue to negotiate, the administration has made clear that failure to reach terms by July 9 could trigger a unilateral imposition of tariffs, potentially repeating the market volatility sparked by Trump's April announcement.
Update 06/30/25, 12:41 p.m. ET: This article was updated with additional information.
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