Bessent: Tariffs will 'boomerang' back to April levels by Aug. 1 for countries without deals

Treasury Secretary Scott Bessent said President Donald Trump will send letters to some trading partners saying tariffs will boomerang back to April 2 levels on Aug. 1 if there is no gress

Bessent rejected that Aug. 1 is a new trading deadline, but it could still give countries more time to negotiate

Bessent also said that he expects to see "several big announcements over the next couple of days" trade deals

Treasury Secretary Scott Bessent speaks to reporters at the U

Capitol as Republican lawmakers struggle to pass U

Elizabeth Frantz | ReutersTreasury Secretary Scott Bessent said Sunday that tariffs announced back in April will take effect on Aug. 1 for countries that have not reached an agreement with President Donald Trump's administration. "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. 1, 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 said

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

The White House did not immediately respond to CNBC's request for on Bessent's remarks

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The money will start to come into the United States on August 1, in pretty much all cases," Trump told reporters on Friday

Bessent suggested that new trade deals could be announced soon. "I would expect to see several big announcements over the next couple of days," he said, when asked whether the administration is close to any deals before Wednesday.