Treasury Secretary Scott Bessent said Monday the Trump administration is preparing to unveil several new trade developments within the next 48 hours as President Donald Trump pushes toward finalizing a slate of hardline trade deals ahead of the August 1 tariff deadline.
Appearing on CNBC’s Squawk Box, Bessent said the White House is receiving a flood of offers as countries scramble to avoid Trump’s sweeping tariffs. “My mailbox was full last night with a lot of new offers, a lot of new proposals,” he said. “It’s going to be a busy couple of days.”
The Trump administration had initially planned for its “Liberation Day” tariffs to hit on July 9, following a 90-day reprieve that began in early April. But Commerce Secretary Howard Lutnick announced Sunday that the effective date had been moved to August 1 — a final deadline for nations dragging their feet on trade reform.
“What President Trump is concerned about is the quality of the deals, not the quantity,” Bessent emphasized. “He’s trying to get everyone across the finish line, but if they don’t move along, tariffs will boomerang back to their April 2 levels.”
Countries that fail to meet U.S. expectations on trade will face steep consequences. Trump has warned that those aligning with the globalist BRICS economic bloc — which includes China, Russia, Brazil, and India — will be hit with an additional 10% tariff on top of the existing baseline.
“Any country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% tariff,” Trump declared Sunday. “There will be no exceptions to this policy.”
Ten countries — including Vietnam, Indonesia, and Malaysia — have recently been designated “partner states” by BRICS, putting them on a potential path to full membership in the anti-U.S. alliance.
Meanwhile, the stock market showed jitters on Monday amid the renewed trade crackdown. Dow Jones Industrial Average futures dropped 70 points, while S&P 500 and Nasdaq futures dipped 0.3% and 0.5%, respectively.
Still, Bessent dismissed short-term Wall Street anxiety, arguing that Trump’s trade pressure is working. “We are close to several deals,” he said. “And when you’re the deficit country, you hold the leverage.”
With just weeks to go before tariffs snap back into place, Trump is betting that tough love — not endless talks — will bring the global market to heel.
.@SecScottBessent on trade negotiations: “We are going to have several announcements in the next 48 hours… What President Trump is concerned about is the quality of the deals, not the quantity… It’s going to be a busy couple of days.” pic.twitter.com/xBWFDoaP7l
— Rapid Response 47 (@RapidResponse47) July 7, 2025