Bessent: 100 countries will be subject to a 10% reciprocal tax
US Treasury Secretary Scott Bessent revealed that about 100 countries are likely to be subject to a minimum 10% reciprocal tariff after July 9.
US Treasury Secretary Scott Bessent warned that countries that have not completed trade deals with the United States will face reciprocal tariffs initially announced on April 2, after a 90-day reprieve ends on July 8.
In an interview with CNBC, Mr. Bessent said many countries are holding off until the last minute in hopes of getting the best deal. However, he warned them to be cautious because tariffs could return to the April 2 levels.
When asked about the possibility of extending the deadline, Mr. Bessent affirmed that he would not publicly announce an extension, and called on countries to urgently complete the agreement before this time.
In another interview on Bloomberg Television, Mr. Bessent revealed that about 100 countries are likely to be subject to reciprocal tariffs of at least 10% after July 9. He expressed hope that a series of trade agreements will be announced before that date.
The 10% tariff is the lowest of the country-by-country reciprocal tariffs the US announced in April.
