Treasury Secretary Scott Bessent has cautioned that countries failing to negotiate a deal with the U.S. will face a return to higher tariff rates from August 1.
What Happened: During an interview with CNN on Sunday, Bessent echoed President Donald Trump‘s comments from Friday, stating that the “reciprocal” tariffs, initially declared on April 2 and paused for 90 days a week later, will officially come into effect on Aug. 1.
