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Treasury Secretary Bessent announces deadline: without agreement, suspended tariffs will come back into force. Intense negotiations with the European Union

The US tariffs announced by Donald Trump in April will come into effect on 1 August, barring any last-minute agreements. This was announced by US Treasury Secretary Scott Bessent in an interview with CNN. The tariffs had been suspended until 9 July to facilitate dialogue between Washington and its main trading partners, but now the pressure is mounting.

‘The president will write to allies to inform them that, in the absence of an agreement, tariff levels will return to those of 2 April,’ Bessent said, referring to the table published months ago by Trump with tariffs on dozens of product categories from China, Europe, Canada, Mexico and other countries.

The US administration believes there is still time to avoid escalation. ‘There has been progress in negotiations with the European Union. Talks are ongoing and we will be very busy over the next 72 hours. I think we will see many agreements very soon,’ added the Treasury Secretary, suggesting that a multilateral agreement cannot be ruled out.

The return to the original tariffs, if confirmed, risks reigniting global trade tensions, with potential repercussions on the international economy already slowed by inflation, energy crises and ongoing wars. Trading partners are now looking to Washington for developments in the coming decisive hours.

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