Treasury Secretary Scott Bessent tried to reassure American businesses Tuesday, up of President Donald Trump's Aug. 1 tariff deadline, downplaying the interaction of immoderate "snapback tariffs" and suggesting they could beryllium short-lived.
"What tin you archer American businesses to expect connected Friday?" CNBC's Eamon Javers asked Bessent successful an exclusive interrogation successful Stockholm, Sweden.
"I would deliberation that it's not the extremity of the satellite if these snapback tariffs are connected for anyplace from a fewer days to a fewer weeks," Bessent replied, "As agelong arsenic the countries are moving guardant and trying to negociate successful bully faith."
For U.S. businesses that could beryllium deed with much tariff hikes starting Friday, however, Bessent's proposition that "it's not the extremity of the world" is improbable to beryllium each that reassuring.
U.S. Treasury Secretary Scott Bessent speaks adjacent to U.S. Trade Representative Jamieson Greer during a property league astatine authorities quarters Rosenbad aft the commercialized talks betwixt the U.S. and China concluded, successful Stockholm, Sweden, July 29, 2025.
Magnus Lejhall/tt | Via Reuters
The menace of Trump's country-specific tariffs has hung implicit American businesses since helium archetypal unveiled them astatine his April "Liberation Day" event.
And import-dependent U.S. companies are already struggling to support up with the evolving timelines and projected levies of Trump's rapidly expanding tariff policy.
Experts pass that American consumers could soon spot higher prices connected immoderate nutrient items, including liqueurs and spirits, baked goods, coffee, food and brew arsenic a effect of companies passing connected the outgo of the levies.
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Many American companies are trying to debar raising prices by absorbing tariff costs themselves, without passing them connected to consumers.
But that is getting much and much hard over time, arsenic the Trump medication expands tariffs and the president shows small involvement successful lowering rates.
More than 90% of U.S. importers are small businesses, according to information from the U.S. Commerce Department.
With conscionable days to spell until the Aug. 1 commercialized deadline, Trump said Monday that helium volition apt denote a blanket tariff between 15% and 20% connected products from the scores of countries that person not yet reached an idiosyncratic commercialized woody with the administration.
But until the president officially authorizes the caller level, tariffs are poised to leap overnight to the levels helium announced successful April.
Top Trump medication officials importune that the Aug. 1 deadline is not changing, adjacent arsenic dozens of countries' commercialized negotiations and tariff rates stay unresolved.
The White House and the Treasury Department did not instantly respond to CNBC's petition for remark connected Bessent's remarks.
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