U.S. Treasury Secretary Scott Bessent said warned on Monday that countries could still face sharply higher tariffs on July 9 even in the event that they are negotiating in good faith, adding that any potential extensions shall be as much as President Donald Trump.
Bessent, who earlier floated the concept of negotiating extensions, told Bloomberg Television that he expects there to be “a flurry” of trade deals leading as much as the July 9 deadline, after which 10 per cent U.S. tariff rates on goods from many countries are set to snap back to Trump’s April 2 announced rates of 11 per cent to 50 per cent.
Get breaking National news
For news impacting Canada and all over the world, enroll for breaking news alerts delivered on to you after they occur.
“We’ve countries which might be negotiating in good faith, but they must be aware that if we are able to’t get across the road because they’re being recalcitrant, then we could spring back to the April 2 levels. I hope that won’t should occur,” Bessent said.
More to