Treasury Secretary Scott Bessent said on Monday that even if the state negotiates sincerely, countries could still face higher tariffs on July 9, adding that any potential extension would depend on President Donald Trump.
Bessent, who earlier proposed the idea of an extension of the negotiations, told Bloomberg that he hopes a series of “a series of trade agreements” will be reached before the July 9 deadline, after which U.S. tariff rates from many countries will receive a 10% tariff rate, lowering it to 11% to 50% announced by Trump on April 2.
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“We have countries that are honestly negotiating, but they should realize that if we can't overdraw because of stubbornness, then we can go back to the level of April 2. I hope this doesn't have to happen.”
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