Secretary of the Treasury Scott Bessent announced the United States will reinstate the elevated trade tariffs imposed by President Donald Trump on several trade partners on August 1st. This follows a 90-day pause that began on April 2nd.
President Trump will send letters to some trade partners, informing them that if satisfactory agreements are not reached, the tariffs imposed on April 2nd will be reactivated on August 1st. Trump had previously announced elevated tariffs on April 2nd, calling it "Liberation Day."
Trump has imposed higher tariffs on imported automobiles and auto parts, steel, aluminum, and goods from China and Vietnam. The reactivation of these tariffs could create market uncertainty. The Trump administration projects confidence that many countries will attempt to reach trade agreements before the August 1st deadline.