Some major U.S. trading partners may be given extensions on the July 9 deadline before the Trump administration imposes its steep, so-called reciprocal tariffs, Treasury Secretary Scott Bessent said Friday. Others could see their tariffs increase on or around that day, he said.
“There will be a group of deals that we will land before July 9—on or about [that date],” Bessent said on CNBC. “And then there are probably another 20 countries that could go back to the reciprocal tariff of April 2 as we work on the deal, or if we think they are negotiating in good faith, they could stay at the 10% baseline.”
Additionally, other “smaller trading partners,” Bessent said, will simply receive letters outlining the level of tariffs that they will pay.
