With the U.S. trade tariff deadline just days away, the United States is moving quickly to secure multiple trade agreements before advanced tariffs take effect on August 1. Treasury Secretary Scott Bessent confirmed on Sunday that the administration is intensifying talks to finalize deals by the July 9 cutoff.
President Donald Trump is expected to send formal letters to about 100 smaller nations warning them of steep tariff increases unless progress is made. These notices will cite tariff levels originally announced on April 2, which were paused for 90 days to allow negotiation space.
“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 told CNN.
The base tariff is set at 10%, with some countries subject to rates up to 50%, depending on the balance of trade and willingness to strike a deal. The April announcement caused volatility in financial markets, prompting the administration to freeze additional hikes temporarily.
Bessent made it clear that the U.S. trade tariff deadline of August 1 marks the enforcement point, not a deadline for continued talks. “If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” he said.
Kevin Hassett from the White House National Economic Council suggested some room remains for countries in active negotiation. He said near-complete deals may be allowed a short delay past July 9.
Stephen Miran, chairman of the Council of Economic Advisers, said that talks with India and the European Union are showing progress. “I hear good things about the talks with Europe. I hear good things about the talks with India,” he said on ABC News.
India is reportedly on track to complete a mini deal within 48 hours, with tariffs averaging 10%. Thailand is also making last-minute offers to increase U.S. product imports and market access, attempting to avoid a 36% tariff rate.
Bessent said that 18 trade partners account for 95% of the U.S. trade deficit and are a top priority. While he declined to name specific countries, he mentioned slow progress with many of them.
Completed deals with the United Kingdom and Vietnam may serve as models. Hassett and Miran praised the Vietnam deal, citing lowered tariffs on U.S. exports and higher U.S. duties on Vietnamese imports.
Trump has warned that countries refusing to cooperate could face tariffs as high as 70%, though he hasn’t detailed how those would be applied. Bessent pointed back to the April 2 tariff list when asked about those figures.
With the U.S. trade tariff deadline nearing, countries are working quickly under growing pressure from Washington to finalize agreements and avoid severe penalties.