Washington-The Treasury Secretary, Scott Besent, said on Sunday that the United States will return to the steep rates of country by country in early August, weeks after the expire rate pause.
“President Trump will send letters to some of our commercial partners saying that if he does not move things, on August 1, he will return to his rate level of April 2,” Besent said in an interview about the “State of the Union” of CNN. “So I think we are going to see many offers very quickly.”
President Donald Trump had originally established a 90 -day deadline, which will expire on Wednesday, so that the countries renegotiate the fee levels that barge in his speech of the “day of release” of April 2. He paused in those rates a week later, while establishing a new 90 -day period to renegotiate them.
That deadline will expire on Wednesday.
The presenter of CNN, Dana Bash, responded to Besent on Sunday, saying: “Basically there is a new deadline”, which leads Besent to go back.
“It is not a new deadline. We are saying that this is when it is happening,” said Bessant. “If you want to accelerate things, have in it. If you want to return to the previous rate, that is your choice.”
On Friday, Trump also referred to a deadline of August 1, asking questions about whether the deadline of July 9 is still standing. A White House spokesman did not provide a comment when asked to clarify whether the tariff rates of April 2 would resume on July 9 or August 1.
The president has recently given changing descriptions of how firm it is the deadline of July 9, saying at the end of June: “We can extend it, we can shorten it”, just to double it several days later, saying that I was not thinking of extending it.
Shortly after midnight on Friday, Trump referred to a timeline on August 1, telling journalists that the tariff rates of April 2 would resume in early August.
When asked if the United States would be flexible with a country on the deadline of July 9, Trump said: “Not really.”
“They will start paying on August 1,” he added. “Money will begin to arrive in the United States on August 1, OK, in almost all cases.”
Trump said Friday that the administration would begin to send letters to the countries, adding: “I think that for the ninth they will be completely covered.”
“They vary in value of perhaps 60% or 70% of tariffs to 10% and 20% rates, but they will begin to leave at some time tomorrow,” Trump said during the night. “We have done the final form, and basically explain what countries are going to pay in rates.”
Rates are paid by importers, which can transmit part or all costs for consumers, and not necessarily by entities in the country of origin.
Besent also pointed out on Sunday that “many of these countries did not even contact us.”
Initially, the White House had projected the confidence that dozens of countries would try to make deals. The White House commercial advisor, Peter Navarro, said in “Meet The Press” of NBC News in April that “we have 90 agreements in 90 days possibly pending here.” At the end of last month, Trump said that “everyone wants to reach an agreement”, and after announcing radical tariffs on April 2, he said that the countries were “kissing me to …”.
“These countries are calling us, kissing me to …” Trump said in April. “They are. They die for making a deal. ‘Please, please, sir, make a deal. I will do anything.”
It is likely that the renewed uncertainty alters the markets even more, which saw that the futures of shares go down on Friday after Trump mentioned the country’s letters. The actions have returned to the maximum of all time due to calm in rates.
Until now, Trump has imposed major import tariffs on cars and auto parts, steel and aluminum, and assets of China and Vietnam.
