US Nears Multiple Trade Deals Before July 9 Tariff Deadline

The Trump administration is making a final push to secure multiple trade agreements before the July 9 deadline when steep tariffs are set to resume, with Treasury Secretary Scott Bessent expressing confidence that several deals will be announced soon. However, Bessent also indicated the possibility of extending the deadline to August 1 for countries seeking more time to negotiate. President Trump plans to send letters to about 100 smaller trading partners warning them that if they fail to reach agreements, the previously suspended tariffs—some as high as 50%—will be reinstated starting August 1. The administration is focusing on 18 key trading partners responsible for 95% of the US trade deficit, with ongoing negotiations involving countries like India, the European Union, Vietnam, and Japan. Despite progress, some countries have been slow to finalize deals, prompting the administration to apply maximum pressure while leaving the door open for conditional extensions. Overall, the next 72 hours are expected to be crucial as the administration races to finalize trade deals and prepare to impose tariffs on countries that fail to reach agreements.