Scott Bessent, U.S. Secretary of the Treasury, said on the 7th (local time), "The United States will announce several trade agreements within the next 48 hours." In an interview with CNBC that day, Secretary Bessent noted, "Many people have changed their positions regarding trade negotiations. Therefore, my email account was filled with many new proposals last night. I will be busy in the coming days."
From this day, it means the deadline for reciprocal tariff exemptions will end on July 9, and Secretary Bessent has said that not only he, but also President Donald Trump will announce the conclusion of trade negotiations with several countries before the exemption deadline.
In particular, President Trump has stated that if the negotiations are not concluded, a letter indicating the tariff rates unilaterally set by the United States will be sent starting at noon eastern time that day (1 a.m. Korean time on the 8th), urging concessions and quick agreements from trade partners.
Secretary Bessent explained the content of the letter: "It simply states, 'Thank you for wanting to trade with the United States. We welcome you as a trade partner. If you do not want to come back and negotiate, here are the tariff rates.'"
This is interpreted as the United States indicating it will impose tariffs based on the rates established this time starting from August 1, suggesting that negotiation with the United States can avoid the tariff rates specified in the letter.