Bessent Warns Tariff Snap-Back, Pushes to Seal Trade Deals by Labor Day

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Updated Jul 2, 2025, 03:19 AM

U.S. Treasury Secretary Scott Bessent said the administration aims to conclude most of its outstanding trade negotiations by the Labor Day holiday on Sept. 1, signalling that momentum is building toward a broad reset of tariff relations.

Bessent told Fox Business and Bloomberg Television that negotiators are working with 18 priority partners and expect a “flurry” of activity ahead of a July 9 deadline, with 10 to 12 agreements already nearing completion. The push follows President Donald Trump’s pause of wide-ranging reciprocal tariffs earlier this year to give countries time to strike new terms.

The Treasury chief warned that nations still at the table could face sharply higher duties if talks stall. Absent agreements, tariff rates are set to revert from the current 10 percent baseline to the 11 percent–50 percent range announced on April 2, potentially raising costs on a broad swath of imports.

Bessent highlighted particular progress with India, describing a bilateral deal as “very close,” and said separate talks with China and other partners are advancing. He added that any extension of the July 9 deadline would be at the president’s discretion, but stressed the administration’s preference to keep pressure on negotiators to finish quickly.

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Sources

washingtontimes.com(5)jp.reuters.com(4)bloomberg.com(3)axios.com(2)

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The United States (US) is “very close with India” on finalising a trade deal, says US Treasury Secretary Scott Bessent. #US #India #TrumpTariffs #IndiaUSTradeDeal #DonaldTrump