The United States is nearing completion of several trade deals ahead of a July 9 deadline, when higher tariffs are set to take effect, Treasury Secretary Scott Bessent said Sunday. He predicted several major announcements in the coming days.
Speaking on CNN’s State of the Union, Bessent said the Trump administration would also be sending letters to 100 smaller nations with limited trade ties to the U.S., informing them they would be subject to increased tariff rates originally announced on April 2 and temporarily suspended until July 9.
Since assuming office, the president has triggered a global trade war that has roiled financial markets and forced world leaders to seek protective measures—often by pursuing new agreements with the U.S. and other nations. On April 2, Trump announced a 10% base tariff rate, with additional surcharges for most countries—some as high as 50%.
The announcement rattled financial markets, leading Trump to temporarily suspend all but the 10% base rate for 90 days to give negotiators time to strike new trade deals. However, the talks have proven more difficult and drawn-out than initially anticipated.
