Bessent Says Tariffs Will ‘Boomerang Back' to April Levels by Aug. 1 for Countries Without Deals

‘If you want to speed things up, have at it,’ the treasury secretary said. ‘If you want to go back to the old rate, that’s your choice.’

Treasury Secretary Scott Bessent speaks to reporters following a Senate Republican luncheon, in the U.S. Capitol in Washington on June 27, 2025. Al Drago/Getty Images

Treasury Secretary Scott Bessent said on July 6 that the Trump administration is close to securing several trade deals ahead of the July 9 deadline, when higher tariffs are set to kick in. For any nations without deals, their tariffs will return to the levels seen in early April.

Bessent told CNN’s “State of the Union” that President Donald Trump is going to send letters to several U.S. trading partners, saying, “If you don’t move things along, then on Aug. 1, you will boomerang back to your April 2 tariff level.”