Context:

Treasury Secretary Scott Bessent expressed confidence that the Trump administration would finalize trade deals with certain countries before the impending Tuesday deadline, which would see the imposition of steep tariffs. However, he indicated the possibility of extending the deadline to August 1 for countries actively negotiating agreements with the United States. Bessent noted that the administration would soon inform nations about the potential tariff rates they could face if agreements weren't reached promptly. President Trump announced that countries associated with BRICS, including Brazil, Russia, India, China, and South Africa, could face an additional 10 percent tariff. The urgency stems from a 90-day pause on the president's highest tariffs set to expire, with preliminary agreements already reached with Vietnam and the United Kingdom, but still short of the administration's ambitious goal of 90 deals in 90 days.

Dive Deeper:

• Scott Bessent, the Treasury Secretary, expressed optimism about reaching trade deals before a Tuesday deadline that would otherwise trigger steep tariffs, but he acknowledged that some countries might receive an extension until August 1.

• Bessent highlighted that there had been delays from other countries in negotiations, predicting significant announcements in the next few days as the administration planned to inform them of potential tariff impacts if deals weren't concluded swiftly.

• President Trump stated that starting Monday, letters would be delivered to trading partners, warning them of a return to April 2 tariff levels if progress wasn't made, while also imposing additional tariffs on countries aligned with BRICS.

• The comments from Bessent and Trump come as the 90-day suspension on the president's steepest tariffs nears its expiration, with the administration eager to finalize agreements to avoid market disruptions.

• Preliminary trade agreements have been reached with Vietnam and the United Kingdom, although these fall short of the administration's objective of securing 90 deals in 90 days, a target set by President Trump in early April when reciprocal tariffs were first announced.