United States Treasury Secretary Scott Bessent has confirmed that new tariffs will take effect on August 1 unless trading partners finalize agreements with Washington. This announcement comes as leaders of the BRICS nations raise alarm over the growing use of unilateral tariffs, warning that such actions could harm global trade and violate international norms.
Bessent revealed that the tariffs would return to the steep rates initially proposed by President Donald Trump on April 2. Although the president had paused implementation to allow room for trade negotiations, he had set a July 9 deadline for progress. “If no deals are made by then, we’re going ahead,” Bessent stated.
He also supported Trump’s recent comments made aboard Air Force One, where the president said he had signed 12 letters informing countries of the expected tariff terms. “I’ll probably start them on August 1,” Trump was quoted as saying. “That’s pretty early, right?”
The original plan, introduced in April, applied a 10 percent duty on imports from nearly all U.S. trading partners. The administration intended to increase those rates on specific countries soon after. However, the hikes were paused to encourage negotiations.
Since then, the U.S. has reached preliminary trade agreements with the United Kingdom and Vietnam. Talks with China have also led to a temporary reduction in some of the steepest tariffs between the two countries.
Bessent hinted that more deals could be on the horizon. “I would expect to see several big announcements over the next couple of days,” he said, though he didn’t name specific nations, adding that he didn’t want to give them an easy out.
Meanwhile, a draft BRICS summit statement expressed deep concern over the use of tariffs and non-tariff barriers. The bloc, which includes Brazil, Russia, India, China, and South Africa, criticized the U.S. approach as unfair and potentially damaging to the global economy.
As the July 9 deadline draws near, Trump appears focused on notifying countries of their tariff obligations through formal letters. Speaking to reporters, he said, “Sending letters is simpler than negotiating 15 separate deals. This is what you have to pay if you want to do business with the United States.”
