Treasury Secretary Scott Bessent warned trading partners on Monday that they must cooperate in trade negotiations or risk a return to the steep tariff rates President Donald Trump imposed on April 2.
Trump on April 9 announced a 90-day pause on the reciprocal tariffs he had imposed on numerous nations, giving countries until July 9 to reach deals. On Bloomberg’s “Open Interest,” anchor Sonali Basak asked Bessent how investors and countries should view the deadline — and whether there could be an extension on the pause of the April 2 rates.
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“Well, that’s going to be up to President Trump. And I’m not going to tell any country — 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’re being recalcitrant, then we could spring back to the April 2nd levels,” Bessent said. “I hope that won’t have to happen.”
When Trump announced reciprocal tariffs on numerous nations on April 2, it sent shockwaves across international markets. Markets immediately surged after Trump paused them.
Canada announced on Sunday that it was rescinding its digital services tax (DST) on American technology companies in an effort to restart trade negotiations with the Trump administration. Trump had announced on Friday that he was scrapping trade talks with Canada over the country’s decision to impose the tax.
Moreover, the Trump administration has finalized its trade deal with China, Bloomberg News reported on Thursday. The agreement cements commitments from Beijing to export rare earth materials crucial to U.S. manufacturing, Commerce Secretary Howard Lutnick told the outlet.
The Trump administration is also preparing to imminently finalize 10 new trade deals with significant partners as the July 9 deadline looms, Lutnick told Bloomberg.
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Author: Jason Cohen
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