U.S. Close to Major Trade Deals as July 9 Tariff Deadline Approaches

The United States is on the verge of finalizing multiple trade agreements, according to Treasury Secretary Scott Bessent, who stated on Sunday that several major announcements are expected in the coming days. These developments come as a July 9 deadline looms, after which increased tariffs are set to take effect.

Speaking in a televised interview, Bessent said the administration is preparing to notify about 100 smaller nations—those with limited trade activity with the U.S.—that they will soon be subject to higher tariff rates initially set on April 2 but temporarily paused. He noted that if no progress is made, these countries will revert to the original tariff levels beginning August 1.

“Letters will go out making it clear that if progress doesn’t happen, the higher tariffs are back in play come August,” Bessent stated, adding that this move is likely to accelerate the pace of negotiations.

While Bessent emphasized that August 1 is not a new negotiation deadline, he explained it marks the implementation of tariffs unless agreements are secured. “It’s not a bluff or another window. It’s when it happens,” he said.

The administration is currently focused on 18 major trading partners, which collectively account for 95% of the U.S. trade deficit. However, Bessent acknowledged that progress has been slower than anticipated, citing hesitance among some nations to reach a resolution. He declined to specify which countries are closest to finalizing agreements, stating that naming them could reduce pressure on those governments to act swiftly.

Although certain countries like India and members of the European Union have been mentioned by President Trump in prior remarks as being close to deals, there is still uncertainty regarding final agreements with other key partners, including Japan.

Since implementing a 10% base tariff rate on April 2—along with higher rates for select nations—the administration has temporarily suspended most of the increased tariffs to allow room for negotiations. However, that suspension period concludes on July 9, and further hikes of up to 70% are reportedly being considered for implementation on August 1.

When asked about these higher potential rates, Bessent redirected attention to the initial April 2 tariff list, which did not include rates as high as 70%. Nonetheless, the administration remains firm in its position that without meaningful progress, more aggressive trade measures will follow.

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