With a key self-imposed trade deadline just around the corner, Treasury Secretary Scott Bessent says the US is gearing up to roll out several major trade updates in the next 48 hours.
Global markets and trading partners are watching closely, as the Trump administration pushes to close deals that have been stuck for months.
Some of the changes, including new tariffs and fresh proposals could start landing as early as Monday afternoon.
Bessent noted that his inbox has been flooded with last-minute offers, calling it a busy and potentially game-changing moment for US trade policy.
“It’s just ‘thank you for wanting to trade with the United States of America. We welcome you as a trading partner, and here’s the rate, unless you want to come back and try to negotiate,’” the Treasury Secretary said.
The development came as some countries like China, the UK, and Vietnam have already struck deals with the US to ease tariffs, though not remove them entirely.
But for many others, the clock is ticking. As they rush to avoid harsh new duties, global markets are feeling the heat.
The White House has made it clear that if talks fall through, tariffs could soar to 50% or even higher. The message seems to be simple: negotiate now, or pay the price later.
Wall Street opens lower
Stocks edged lower on Monday as investors reacted to fresh trade tensions at the start of the week.
The Dow dipped by 76 points (0.2%), while the S&P 500 slid 0.3%. The Nasdaq fared worse, dropping 0.5% as tech shares took a hit.
Investors aren’t liking the uncertainty around incomplete trade talks even as countries scramble through last-minute anxiety.
The European Union is still hoping to wrap up a trade deal by July 9, after what officials described as a “good exchange” between Commission President Ursula von der Leyen and President Trump.
But it’s still unclear whether that conversation actually moved the needle, as there’s been no solid sign of a breakthrough that might help the EU avoid steep new US tariffs.
Adding to the pressure, reports last week revealed that Trump is considering a 17% tariff on European food and agricultural products.
On Sunday, he said the US is close to finalizing several trade agreements and plans to inform other countries about the new tariff rates by July 9.
Those rates wouldn’t kick in until August 1, giving trading partners a brief window to negotiate.
Beyond trade talks
Treasury Secretary Scott Bessent looked evasive when asked about the negotiations around the new ownership of TikTok, but mentioned that the US is interested in going beyond trade talks with China.
“I think there are things for us to do together if the Chinese want to do it, so we will discuss whether we are able to move beyond trade into other areas,” he told CNBC in an interview.
The US is pressing ahead with plans to force the sale of TikTok’s American operations, requiring parent company ByteDance to give up its US assets. In the meantime, TikTok is building a new version of its app specifically for US users, with a launch date set for September 5, 2025.
The sale, however, still hinges on getting the green light from Chinese regulators.
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