Trump Administration Prepares Flurry of Trade Actions as Tariff Deadline Looms
The Trump administration is poised to make multiple trade announcements in coming days as global partners scramble to negotiate deals before steep U.S. tariffs take effect, Treasury Secretary Scott Bessent revealed Monday.
Speaking on CNBC’s Squawk Box, Bessent confirmed “several” trade developments would emerge within 48 hours, including potential bilateral agreements and unilateral tariff notices to trading partners. The announcements come ahead of a July 9 deadline when punitive tariff rates are scheduled to snap back for dozens of countries absent new deals.
“We’ve seen significant movement in negotiations recently,” Bessent said. “My inbox was flooded overnight with new proposals as partners seek to avoid higher duties.” He characterized the coming days as “exceptionally busy” for trade officials.
Shifting Tariff Timetable
While initial tariffs were slated to begin July 9, administration officials now indicate they won’t take effect until August 1 – a timeline President Trump appeared to confirm Sunday.
“The tariffs are coming, whether through letters or negotiated deals,” Trump told reporters before departing New Jersey. “Most will be resolved by July 9.” Commerce Secretary Howard Lutnick clarified that while rates are being set now, collections won’t commence until August.
Trump later announced on Truth Social that tariff notices would begin going out Monday afternoon, describing them as standard communications outlining terms for continued trade with the U.S.
Global Rush to Avoid Tariffs
Bessent suggested the impending deadline has spurred renewed negotiation efforts from trading partners seeking exemptions. Countries without agreements by August 1 would face tariff rates reverting to April’s elevated levels.
The administration has already signaled progress with Vietnam, announcing a tentative deal that would impose 20% tariffs on certain imports. About a dozen other nations are expected to receive formal tariff notices this week.
Fed Chair Speculation Continues
Pressed about persistent rumors he might replace Federal Reserve Chair Jerome Powell next year, Bessent remained noncommittal but deferential to Trump’s preferences.
“My focus remains on Treasury’s agenda,” Bessent said, though he added, “I’ll serve wherever the President believes I can be most effective.” The comments come as the administration prepares for potential economic policy shifts in a second Trump term.
The trade developments unfold against a backdrop of other major Washington moves, including the House’s narrow passage of Trump’s signature legislative package and ongoing debates over Ukraine aid. With global trade relationships in flux, the coming days promise significant clarity on the administration’s economic priorities heading into the 2024 election cycle.
