The deadline for the US government’s trade negotiations is approaching, and US Treasury Secretary Bessent warned on Monday that despite countries negotiating in good faith, the US may still restore substantial tariffs as soon as July 9, with rates as high as 50%.
In an exclusive interview with Bloomberg TV, he said that a “wave of deals” was expected before the July 9 deadline, but if countries delay or backtrack in negotiations, the US would follow the tariff adjustment plan announced on April 2, raising the current basic 10% tariff to anywhere between 11% and 50%.
He said: “Some countries are indeed negotiating in good faith, but they should realize that if we ultimately cannot reach an agreement—and it’s not our fault—then we may revert to the tariff levels announced on April 2. I hope that does not happen.”
He pointed out that any possibility of extending the negotiation deadline would depend on a final decision by President Trump.
Trump had previously stated that he would not consider postponing the tariff negotiation deadline.
Currently, tariff pressure is beginning to be passed on to US consumers.
According to research conducted for Reuters by data analytics company DataWeave, from January this year to mid-June, the median price of Chinese-made goods on Amazon increased by 2.6%, already surpassing the 1% rise in core commodity inflation during the same period.
DataWeave analyzed over 1,400 Chinese-made products, including electronics, school supplies, household goods, and more. Price increases were particularly notable in some categories. The study shows that from May onwards, price hikes accelerated, especially in furniture and electronics, which rose by 3.5% and 3.1%, respectively.