Speaking on CNN's ‘State of the Union’ program, Bessent stated, "President Trump is going to send letters to some of our trading partners. If you don't move the process forward, you're going to boomerang back to the April 2nd tariffs on August 1st,".
Bessent noted that after this warning, countries will receive letters saying, “If an agreement has not been reached, you will go back to the April 2 level.” However, emphasizing that August 1 is not a new tariff date, Bessent stated that this period gives the parties additional time and offers an opportunity for negotiations.
“The decision is theirs, they can either speed up the process and reach an agreement or go back to the old tariffs,” Bessent stated, emphasizing the determination of the Trump administration.
In April, President Trump announced a 90-day suspension of high tariffs. This period is set to expire on Wednesday, causing unease in the markets and among trading partners.
Bessent's remarks follow Trump's speech last week in which he announced that the administration would send letters to many trading partners on Monday notifying them of the tariff rates to be imposed starting August 1.
"They will start paying on August 1st. Money will start flowing into America on August 1st, in almost every case," Trump told reporters on Friday.
Bessent signaled new developments by stating, “I expect a couple of big announcements in the next few days” regarding possible agreements.
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