“Tariff Clock Ticking”: Bessent Warns 100 Nations as Trump’s Trade Ultimatum Nears August 1 Deadline

US Treasury Secretary Scott Bessent has confirmed that 100 smaller countries will be assigned a default 10% reciprocal tariff rate starting August 1, regardless of whether they’ve engaged in trade talks. In a CNN interview, Bessent revealed that President Trump will begin sending formal letters to trading partners this week, warning that if no deal is reached, tariffs will snap back to April 2 levels—some as high as 50%.

 

The move follows the expiration of a 90-day tariff pause and is part of Trump’s broader push for “fair and reciprocal” trade. While 18 key nations—including India, Japan, and the EU—are in active negotiations, many others have yet to respond. Bessent hinted at regional tariff bands for blocs like Central America and Africa, citing the impracticality of negotiating dozens of bilateral deals simultaneously.

 

The administration has already finalized deals with the UK and reached a temporary agreement with China, but warned that countries not negotiating in “good faith” will face steep duties.

 

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Source: Axios – US May Impose Regional Tariffs | Business Standard – Trump to Enforce Tariffs Without Deals | France24 – Bessent on April 2 Tariff Levels