Trade Tensions Escalate as Tariffs and Deadlines Shift
TL;DR Summary
Treasury Secretary Scott Bessent announced that the US will revert to higher tariff rates on countries that do not reach trade agreements by August 1, after a tariff pause, with the administration sending letters to enforce these tariffs, potentially causing market instability.
- Treasury secretary says countries without trade deals will see tariffs 'boomerang' to April rates by Aug. 1 NBC News
- Trump team moves goalposts on tariffs again Politico
- Bessent Says He Expects Trade Deals by This Week’s Deadline The New York Times
- Trump’s ‘reciprocal’ tariff pause is about to expire. Cue the confusion CNN
- Wall Street was expecting a TACO Tuesday. But Dow futures fall 250 points after Trump says he will set tariffs as high as 70% Yahoo Finance
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