Trump confirms ‘letter or a deal’ by July 9. Bessent says tariffs will ‘boomerang’ to April levels if no deals by August 1

Treasury Secretary Scott Bessent said tariff letters will be sent to about 100 countries over the next several days, as the Trump administration’s 90-day tariff pause comes to an end Wednesday.

“If you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level,” Bessent said about trading partners Sunday on CNN’s “State of the Union with Dana Bash.”

President Donald Trump has suggested the letters would include duty rates at the current 10% baseline, or as extensive as 70%. Bessent said Sunday the United States would not impose 70% tariff rates on major trading partners.

“We’re gonna be sending letters out on Monday having to do with the trade deals. Could be 12, maybe 15 … and we’ve made deals, also,” Trump told CNN’s Betsy Klein when asked about tariff rates late Sunday afternoon at Morristown Municipal Airport in New Jersey.

Trump added that letters will continue to go out on Tuesday and Wednesday. “We’ll have most countries done by July 9 — either a letter or a deal,” he said.

“The president is right in the midst of discussing all sorts of deals with all sorts of countries,” Commerce Secretary Howard Lutnick told reporters Sunday alongside Trump. He also confirmed that tariff rates would go into effect on August 1.

Bessent on Sunday declined to confirm to CNN which countries were close to a deal.

He said that about 100 letters will be sent to small countries “where we don’t have very much trade,” many of which are “already at the baseline 10%.” Trump on Friday touted letters as the “better” option for countries that fail to negotiate deals before the July 9 deadline.