US Treasury Sec. Bessent warns of tariff hike if no trade deals reached by August 1

FXStreetJul 7, 2025 12:22 AM

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US Treasury Secretary Scott Bessent said on Sunday that tariffs imposed in April will take effect on August 1 for countries that have not reached a trade deal with US President Donald Trump’s administration, per CNBC.

“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 August 1, you will boomerang back to your April 2 tariff level,” said Bessent

Bessent rejected speculation that August 1 is yet another new tariff deadline, but the August date may still provide trade partners more time to renegotiate tariff rates.

Market reaction

At the time of writing, the US Dollar Index (DXY) is trading 0.05% higher on the day to trade at 96.70.

Reviewed byJane Zhang

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