Without trade agreements, US tariffs will go in on August 1′

US Tariffs to Start on August 1 if Taiwan-EU Trade Partners Don’t Strike Deals, says Treasury Secretary Scott Bessent.

• Tariffs will “boomerang back” to high levels announced by President Trump on April 2.

• Trump suspended levies to allow for trade talks and set a July 9 deadline for agreement.

• Bessent confirmed Trump’s comments, citing a new tariff deadline.

• 12 letters to be sent out, likely on Monday.

• Countries pushing for deals to avoid elevated duties.

• Trump administration has unveiled deals with the UK and Vietnam.

• Bessent expects several big announcements in the coming days.