US Tariffs Poised to Revert to Steep April Levels by August 1, Treasury Confirms
US Tariffs Poised to Revert to Steep April Levels by August 1, Treasury Confirms
WASHINGTON — The United States is set to re-impose steep country-by-country tariff rates starting August 1, Treasury Secretary Scott Bessent announced Sunday. This move signals an end to a temporary pause in tariff rates and aims to accelerate trade deal negotiations.
Speaking on CNN’s “State of the Union,” Bessent stated, “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 Aug. 1, you will boomerang back to your April 2 tariff level.” He anticipates this will prompt rapid deal-making.
The announcement clarifies previous confusion regarding deadlines. While a 90-day renegotiation period was initially set to expire on a Wednesday (following an April 2 “Liberation Day” speech), and a July 9 deadline was also in discussion, both Bessent and President Trump have now consistently pointed to August 1 as the definitive date for the tariffs to resume.
Trump reiterated on Friday that the administration would begin sending letters to countries, confirming that by August 1, the April 2 tariff rates would be fully reinstated. These rates vary significantly, potentially ranging from 10-20% to 60-70%.
The impending re-imposition of tariffs, which are paid by importers and can be passed on to consumers, introduces renewed uncertainty into global markets. Stock futures previously dipped after Trump’s initial mention of the August 1 timeline, highlighting market sensitivity to trade policy developments.
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