The Trump administration has once again delayed the return of steep tariffs, setting a new effective date of Aug. 1 for countries that fail to strike deals with the U.S.
Here are five things to know:
- Treasury Secretary Scott Bessent said July 6 that the U.S. will revert to steep, country-specific tariff rates starting Aug. 1, Politico reported July 6. Appearing on CNN’s State of the Union, he pushed back on claims of a new extension stating, “It’s not a new deadline. We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice.”
- President Donald Trump had previously set a 90-day renegotiation window that was set to expire July 9. The deadline came after initial April 2 tariffs were paused; however, in public remarks July 4, President Trump said countries would start to pay Aug. 1, raising doubts about whether the administration still considered a July 9 cutoff.
- According to Mr. Bessent, the administration will begin sending out tariff notices to “100 smaller countries” July 7. The letters will inform countries that, without a deal, tariffs will revert to April 2 levels starting Aug. 1. President Trump said letters would “range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs,” NBC News reported July 6.
- Despite an effort to secure new trade terms with dozens of countries, the U.S. has so far reached only limited agreements with the U.K., Vietnam and China. Talks with India and the EU are reportedly closed but not finalized.
- While Mr. Bessent maintained the Aug. 1 deadline, National Economic Council Director Kevin Hassett, PhD, suggested there could be exceptions. “There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,” he said.
