Catenaa, Monday, June 30, 2025- US Treasury Secretary Scott Bessent warned on Monday that countries could still face sharply higher tariffs on July 9, even if they are negotiating in good faith.
Bessent, who earlier floated the idea of negotiating extensions, told Bloomberg Television that he expects there to be “a flurry” of trade deals leading up to the July 9 deadline.
He said 10% US tariff rates on goods from many countries are set to snap back to Trump’s April 2 announced rates of 11% to 50%.
“We have countries that are negotiating in good faith, but they should be aware that if we can’t get across the line because they are being recalcitrant, then we could spring back to the April 2 levels. I hope that won’t have to happen,” Bessent said.
Also, on Monday, White House economic adviser Kevin Hassett said that the US will restart trade negotiations with Canada immediately after Canada scrapped its digital services tax targeting US technology firms.
“Absolutely,” Hassett said on Fox News when asked about the talks restarting. President Donald Trump asked the Canadians to take the tax off at the G7 meeting in Canada, he said. “It’s something that they’ve studied, now they’ve agreed to, and for sure, that means that we can get back to the negotiations.”
