U.S. to unveil trade moves within 48 Hours as tariff deadline looms, says Treasury Chief

The United States has confirmed plans to announce a few trade issues in the next 48 hours, as confirmed by Treasury Secretary Scott Bessent. Bessent told CNBC the final deadline to sign on trades ahead of Wednesday proved to be a rush, as there had been a flow of last-minute offers. He pointed to renewed interest by global counterparts in getting back.

President Donald Trump said official tariff letters would be sent out starting at 12:00 pm ET on Monday. Through the letters, countries will be notified of their suggested tariff rates and not be given any ultimatums. Instead, they are offers of renegotiations, as suggested by Bessent.

Bessent explained that the U.S. is not threatening but establishing new terms. “It’s a simple message: ‘Here’s the rate unless you prefer to negotiate,’” he said. The letters are positioned as an official message of tariff positions while leaving room to talk more. The U.S. does not want to impose sudden disengagements but seeks better trade terms.

South Korea and Japan lead in getting the tarrif letters

In a social media post, Trump announced that starting August 1, Japan and South Korea will face a 25% tariff. Japan’s rate is one percentage point higher than the one proposed in April. The tariff of South Korea is unchanged. Trump further noted that whenever any country raises its tariffs, the U.S. would add the percentage to the existing 25%.

There are only two deals closed to date, namely with the United Kingdom and Vietnam. The remaining negotiations continue to be intense, with Washington demanding universal agreements or heavy tariffs.

The ongoing Biden-era digital services tax dispute with Canada seems to have been settled, with Canada opting to withdraw the tax. Trade talks between the two nations are now in full swing and sharp focus, with mid-July set as the goal for finalizing a new deal.

In the European Union, there is a proposed acceptance of a blanket 10% tariff rate on most exports, but with carve-outs on a few sectors. The  EU has not yet confirmed the final terms.

Vietnam has already signed an amended agreement. This will subject the country to a 20% tariff compared to the 46% that was initially proposed. However, the U.S. will add a 40% tariff on goods transshipped through Vietnam to 3rd countries, e.g., China.

Malaysia, which had faced a 24% tariff in April, faces a 25% levy. Kazakhstan saw tariffs reduced to 25% down from 27%, and Laos and Myanmar were also reduced, now paying 40% tariffs. The rate of South Africa was pegged at 30%. Trump reiterated imposing an additional tariff of 10% on countries that support BRICS policies that oppose American interests. “There will be no exceptions,” he wrote.

China casts a shadow over talks

Tensions with China seem to be thawing as well. The U.S. has also lifted some export controls, such as chip design software and ethane. Bessent said he plans to meet with his Chinese counterpart in the weeks ahead.

Howard Lutnick, Secretary of Commerce, standing alongside Trump at a recent event, assured the media that even though the tariff agreements should be finalized by July 9, the rates will not be assumed until August 1. The administration is leveraging the gap to finalize or send final notices.

The White House frames the tariff measures as essential to rebalancing trade relationships and restoring American leverage. Trump said on Sunday that most countries would receive “a letter or a deal” by July 9.