US Treasury's Bessent warns countries face higher tariff rates after July 9 deadline
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, after which 10 per cent U.S. tariff rates on goods from many countries are set to snap back to Trump's April 2 announced rates of 11 per cent to 50 per cent.
"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.
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