We close to various commercial agreements, announcements that need to be made shortly, says Bessent

• Higher invoices to start on August 1st.
• The secretary of the Ministry of Finance reports 100 smaller countries to receive letters soon.
• Bessent says that some countries ‘-lands’ to reach agreements.
  

The United States is close to abolishing several trade agreements before the July 9th deadline, when the highest invoices kick, the United States Finance Minister Scott Bessent said on Sunday, predicting several large announcements in the coming days.

Said Bessent CNN “State of the Union” that Trump’s administration would also send letters to 100 smaller countries with which the US does not trade, notifying them that they will first face higher pricing rates on April 2 and then suspended until July 9.

“President Trump is going to send letters to some of our commercial partners saying that if you do not move things together, then on August 1 you will return to your duties on April 2. So I think we will see many deals very quickly,” Bessent said.

Bessent denied that August 1 was a new deadline for the negotiations. “We say this is when it happens. If you want to accelerate things, you have in it. If you want to go back to the old percentage, this is your choice,” he said CNN.

The head of the US Ministry of Finance said Trump’s administration focused on 18 major commercial partners representing 95% of the US trade deficit. But he said there were “many of the legs” between countries to close in a trade agreement.

He refused to name countries that were close to a trade agreement, adding: “Because I don’t want to leave them from the hook.”

Trump has repeatedly said that India is close to signing an agreement and has hoped that an agreement could be reached with the European Union, while challenging an agreement with Japan.

Since taking over the duties, the US president has launched a world trade war that has raised financial markets and sent those responsible for policymaking to guard their economies, including agreements with the US and other countries.

Trump on April 2 announced a 10% invoice and additional amounts for most countries, a few from 50%. The news has dropped financial markets, urging Trump to suspend everything except the 10% basic interest rate for 90 days to allow more time for negotiations to secure agreements, but the process has proven more difficult than expected.

This period ends on July 9, although Trump early on Friday said the invoices could be even higher – ranging from 70% – with most in effect on August 1st.

Bessent, when asked about 70%, reported on the April 2nd list, but this did not include such high prices.