US warns of up to 50% import tariff increase after July 9 if trade agreement is not reached.
On the night of June 30, in an interview with Bloomberg Television, US Treasury Secretary Scott Bessent issued a stern warning that countries negotiating trade with the US need to quickly reach an agreement before the July 9 deadline. If not, the current 10% tariff that Washington has imposed on imported goods from many countries could be significantly raised, ranging from 11% to 50%, according to the retaliatory tariff list that President Donald Trump announced on April 2.
Mr. Bessent affirmed that only President Trump has the authority to extend the negotiation deadline, and expressed hope that "a series of agreements" will be signed before this critical moment.
"We have some countries showing goodwill in the negotiation process. However, they also need to understand that if they continue to delay and cause this process to stall, the US can certainly reapply the tariff list as of April 2. I hope we do not come to that," Mr. Bessent emphasized.
On the same day, President Donald Trump expressed dissatisfaction with the bilateral trade negotiation process between the US and Japan, especially Japan's refusal to import US rice despite facing a shortage.
"Although I greatly respect Japan, they are unwilling to buy our rice while their domestic supply is severely lacking. We will simply send a letter and maintain a friendly relationship with Japan as a long-term trading partner," Mr. Trump wrote on the social media platform Truth Social.
The statement from the US administration is seen as a strong pressure move to promote the trade negotiation process as the July 9 deadline approaches. If countries do not reach consensus, the risk of being subjected to tariffs many times higher is entirely real — a heavy blow to global trade and the economies of the countries involved.
