Tariffs will revert to April 2 levels on Aug. 1 if countries around the world don’t reach deals with the U.S., according to Treasury Secretary Scott Bessent. The Trump administration is racing to secure deals before Wednesday’s self-imposed deadline, when a pause on so-called reciprocal tariffs on imports from around the world is set to expire.

American tariffs on dozens of countries will come into effect next Wednesday as scheduled, although several deals could still be worked out before then, President Donald Trump confirmed Friday.

After striking only a few trade deals since declaring a 90-day pause in April, President Trump said he would announce new duties starting Friday.

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President Donald Trump said starting Monday he will start sending letters to countries around the world, setting the individual tariff rate that each one will face.