WASHINGTON – US tariffs will kick in on Aug 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said on July 6.

The rates will “boomerang back” to the sometimes very high levels which President Donald Trump had announced on April 2 – before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Mr Bessent told CNN.

He confirmed comments by Mr Trump to reporters aboard Air Force One on July 4 in which he also cited a new deadline: “Well, I’ll probably start them on August 1. Well, that’s pretty early. Right?“

The president said he had

signed 12 letters to be sent out

, likely on July 7.

The tariffs were part of a

broader announcement in April

where Mr Trump imposed a 10 per cent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days.

But he swiftly

paused the hikes until July 9

, allowing for trade talks to take place.

Countries have been pushing to strike deals that would help them avoid these elevated duties.

So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each ot...