Deadline Looms: U.S. Poised for Trade Deal Announcements Before Tariff Surge

The U.S. is nearing several trade deals as deadlines approach, warned Treasury Secretary Scott Bessent. With looming tariff increases, the Trump administration aims to solidify agreements with key partners, though negotiations have been slow. Bessent assures announcements soon, emphasizing the urgency of finalizing deals.

The United States is on the brink of finalizing several important trade deals as a crucial July 9 deadline approaches, U.S. Treasury Secretary Scott Bessent announced Sunday. He hinted at major announcements in the coming days, aligning with the Trump administration's strategy to avert increased tariffs.

Bessent, speaking to CNN's "State of the Union," disclosed the administration's intent to initiate notifications to around 100 smaller countries, signaling impending higher tariff rates initially set on April 2 and paused until July 9. He highlighted President Trump's move to prompt trading partners towards accelerating negotiations, warning of a reversion to earlier tariff levels by August 1 if progress isn't observed.

Focusing on 18 primary trading partners that constitute 95% of the U.S. trade deficit, Bessent criticized the slow progress. Despite not specifying countries nearing agreement, he indicated India's readiness and expressed optimism for a deal with the European Union, contrasting with skepticism about Japan. The global trade dynamics have notably fluctuated since Trump's tariff announcements, which initially shocked markets.

(With inputs from agencies.)