The US is close to closing several trade deals ahead of a July 9 deadline when higher tariffs begin, Treasury Secretary Scott Bessent said on Sunday.
Mr Bessent said a number of announcements were likely to be made in the coming days.
“We're going to be very busy over the next 72 hours,” Mr Bessent told CNN's State of the Union. US President Donald Trump would be sending about 100 letters to encourage trading partners to “move things along” or face heightened tariffs on August 1, he added.
Mr Bessent said the Trump administration was focused on 18 important trading partners that account for 95 per cent of the US trade deficit, but noted there had been “a lot of foot-dragging” among countries in getting closure on a trade deal.
On April 2, which Mr Trump called “Liberation Day”, the US announced a series of “reciprocal” tariffs on trading partners. Some announced levies were as high as 50 per cent, with a blanket 10 per cent tariff on all countries. The news sent financial markets into a tailspin and Mr Trump soon after issued a 90-day pause to allow for negotiations.
“I think we're going to see a lot of deals very quickly,” Mr Bessent said, denying that August 1 was a new deadline. “We are saying this is when it's happening. If you want to speed things up, have at it. If you want to go back to the old rate, that's your choice.”
Speaking in Maryland on Friday, Mr Trump said that he would notify 10 to 12 nations a day by letter over the course of the next five days, detailing their new tariffs.
“They’ll range in value from maybe 60 per cent or 70 per cent tariffs to 10 per cent and 20 per cent tariffs, but they’re going to be starting to go out sometime tomorrow,” Mr Trump said. “We’ve done the final form, and it’s basically going to explain what the countries are going to be paying in tariffs.”
Mr Trump last week lauded a trade deal with Vietnam, which had been threatened with a 46 per cent tariff, and he has said the US is close to a deal with India.
Since taking office, Mr Trump has set off a global trade war that has upended financial markets and sent policymakers scrambling to guard their economies, including through deals with Washington and other countries.
