Bessent Says Tariffs Will ‘Boomerang Back’ to April Levels by Aug. 1 for Countries Without Deals

Treasury Secretary Scott Bessent said on July 6 that the Trump administration is close to securing several trade deals ahead of Wednesday’s deadline, when higher tariffs are set to kick in. For any nations without deals, their tariffs will return to the levels seen in early April. Bessent told CNN’s “State of the Union” that President Donald Trump is going to send letters to several U.S. trading partners, saying, “If you don’t move things along, then on Aug. 1, you will boomerang back to your April 2 tariff level.” If those countries fail to reach a deal with the United States by Aug. 1, they will receive another letter informing them that tariffs on their imports into America have reverted to the April 2 level, Bessent added....