US Treasury Secretary Announces New Tariffs to Take Effect August 1 Without Trade Agreements

The United States will implement new tariffs on several countries beginning 1 August if trade agreements are not reached beforehand, Treasury Secretary Scott Bessent stated in an interview with CNN on Sunday. According to Bessent, the measures would affect a range of trading partners, including those in Taiwan and the European Union.

The planned tariffs would match the rates previously announced by President Donald Trump on 2 April. These tariffs had been temporarily suspended until 9 July to allow time for negotiations with trading partners. The US government has indicated that the tariffs will proceed as scheduled unless agreements are finalized before the deadline.

Tariffs are taxes imposed on imported goods and are often used as a tool in trade negotiations. The current measures are part of ongoing efforts by the Trump administration to address trade imbalances and encourage new trade deals with key partners.