Treasury Secretary Warns of Looming Higher Tariffs

U.S. Treasury Secretary Scott Bessent issued a stern warning on Monday, cautioning that countries may still face significant tariff hikes come July 9. This threat looms despite ongoing negotiations, leaving the final decision up to President Donald Trump, Bessent conveyed.

With the deadline fast approaching, Bessent, who recently suggested the possibility of negotiating extensions, expressed that he foresees a surge of trade agreements right up to the July 9 cutoff date. Post deadline, a stark increase in U.S. tariff rates from the current 10% to between 11% and 50% is anticipated, based on Trump's earlier announcement on April 2.

The Treasury Secretary also noted that while many countries are negotiating in earnest, they should heed potential complications. If negotiations falter due to non-cooperation, a reversion to April 2's tariff levels could ensue. Bessent voiced his hope that such a scenario might be avoided.

(With inputs from agencies.)