Besant Tells CNBC: "Numerous New Proposals Received"
Tariff Suspension Expires on the 8th... U.S. to Send Tariff Letters That Day
U.S. Treasury Secretary Scott Besant announced on July 7 (local time) that several trade agreements would be announced within the next 48 hours.
In an interview with CNBC that day, Secretary Besant stated, "Many people have changed their positions regarding the negotiations." He added, "Last night, my inbox was filled with numerous new proposals and offers," explaining, "The next few days will be extremely busy."
The 48-hour period refers to two days after, when the reciprocal tariff suspension measure expires, specifically July 9. On April 2, the United States announced country-specific reciprocal tariffs, imposing an additional tariff by country on top of a basic 10% tariff, and implemented a 90-day grace period. During this period, the U.S. held negotiations with various countries aiming for trade agreements, and the suspension measure will end at 12:01 a.m. on July 9.
The previous day, President Trump once again raised the pressure in negotiations by warning that letters specifying tariff rates would be sent to major trading partners starting July 7.
President Trump said, "Letters will be sent out on Monday (the 7th), and it could be 12 countries or maybe 15 countries," adding, "They will be sent on Monday, and some will be sent on Tuesday (the 8th) and Wednesday (the 9th)." He continued, "I think we will conclude negotiations with most countries by July 9," and added, "It will be either a letter or a deal." This is intended to pressure countries for further concessions and swift agreement.
However, the United States stated that the new tariff rates would be applied starting August 1. Even after receiving the U.S. tariff letters, each country is expected to secure roughly three additional weeks for negotiations.
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