US Set to Unveil Major Trade Deals as Tariff Deadline Nears

US Treasury Secretary Scott Bessent announced on Monday morning that the U.S. is poised to make multiple trade-related announcements soon. Speaking to CNBC, Bessent revealed that his inbox was flooded with new proposals overnight, signaling a shift in how other countries are approaching negotiations. “We’ve had a lot of people change their tune in terms of negotiations. So my mailbox was full last night with a lot of new offers, a lot of new proposals,” he said, adding, “So it’s going to be a busy couple of days.”

These announcements are part of a broader effort by the Trump administration to finalize trade agreements before a critical deadline. The administration has been pushing for deals with key trading partners, including the European Union, India, Japan, and Vietnam, to avoid steep tariffs that could disrupt global markets.

Tariff Confusion: When Will They Hit?

There’s been some uncertainty about when new tariff rates will take effect. US President Donald Trump initially suggested that the U.S. would begin sending out tariff letters—formal notices outlining new rates—at noon ET on Monday, July 7, 2025. However, Commerce Secretary Howard Lutnick stated that the tariffs, originally set to kick in on July 9, 2025, have now be delayed until August 1, 2025.

Bessent emphasized that the letters are not ultimatums but rather invitations to continue negotiations. “It’s just ‘thank you for wanting to trade with the United States of America. We welcome you as a trading partner, and here’s the rate, unless you want to come back and try to negotiate,’” he explained.

The tariffs in question stem from Trump’s April 2, 2025, announcement of “reciprocal” tariffs ranging from 10% to 50% on various countries. After financial markets reacted negatively, the administration paused most of these rates at a baseline 10% to allow a 90-day window for negotiations, set to expire on July 9. If no deals are reached, tariffs could revert to their original, higher levels, with some countries potentially facing rates as high as 70%.

Progress on Trade Deals

The Trump administration is focusing on securing agreements with 18 major trading partners that account for 95% of the U.S. trade deficit, according to Bessent. Talks with the European Union and India are reportedly progressing well, with the EU signaling willingness to accept a 10% tariff on many exports while seeking exemptions for sectors like pharmaceuticals and semiconductors. Vietnam has already finalized a deal “in principle,” though details are still being worked out.

However, not all negotiations have been smooth. Talks with Japan have hit roadblocks, with Trump calling the country “spoiled” and threatening tariffs as high as 30% or 35%.