Treasury Secretary Scott Bessent said tariffs will return to their April 2nd rates on August 1st for countries that fail to strike a trade deal with the United States. “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level,” Bessent said on CNN’s “State of the Union.” “Countries will get a letter saying that if we have not reached an agreement, then you will go back to the April 2 level,” he added. Check it out: Scott Bessent: "President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1st you will boomerang back to your April 2nd tariff level. So I think we're going to see a lot of deals very quickly." pic.twitter.com/aewBb3PCq1 — The Post Millennial (@TPostMillennial) July 6, 2025 CNBC noted: Bessent rejected the idea that Aug. 1 is yet another new tariff deadline, but the August date could still give trading partners more time to renegotiate tariff rates. “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,” Bessent said. In April, Trump announced a 90-day pause on the steep tariffs he had unveiled just days prior on most major trading partners. That 90-day pause is due to expire on Wednesday, sparking concern among investors and U.S. trading partners. The Trump administration has reached trade agreements with the United Kingdom and Vietnam, as well as a limited deal with China, thus far. “It’s a fair deal for both — going to produce a lot of jobs, a lot of income,” Trump said during a meeting with UK Prime Minister Keir Starmer. .@POTUS and UK Prime Minister @Keir_Starmer present their signed trade agreement: "It's a fair deal for both — going to produce a lot of jobs, a lot of income." pic.twitter.com/CyQOUHVlvW — Rapid Response 47 (@RapidResponse47) June 16, 2025 “Our trade deal with Vietnam is a massive win for America’s businesses, manufacturers, and farmers! For the FIRST TIME EVER, Vietnam will open its market to the United States. They will pay 20% to sell their products here, and 40% on transshipping – meaning if another country sells their content through products exported by Vietnam to us – they’ll get hit with a 40% tariff. This is HUGE for our farmers,” Secretary of Commerce Howard Lutnick said regarding the agreement with Vietnam. Our trade deal with Vietnam is a massive win for America's businesses, manufacturers, and farmers! For the FIRST TIME EVER, Vietnam will open its market to the United States. They will pay 20% to sell their products here, and 40% on transshipping – meaning if another country… pic.twitter.com/lTcDsGfLx4 — Howard Lutnick (@howardlutnick) July 2, 2025 More from POLITICO: The U.S. is also reportedly close to reaching a deal with India, and the European Union, which Trump once accused of slow-walking negotiations, appears willing to make significant concessions for a deal. Some administration officials are signaling there may be flexibility around the new deadline — particularly for key trading partners. National Economic Council Director Kevin Hassett suggested as much in an interview on CBS’ “Face the Nation,” noting that the final call would ultimately rest with President Donald Trump. “There are deadlines, and there are things that are close, and so maybe things will push back the dead, past the deadline,” Hassett said, adding: “In the end, the president’s going to make that judgment.” In a separate interview with “Fox News Sunday,” Bessent himself hinted at the Trump administration’s strategy with the new August target. “There’s a lot of congestion going into the home stretch and, as a part of the trade team, what’s great about having President Trump on our side is he’s created maximum leverage,” Bessent said.