Treasury’s Bessent Warns of July Tariff Hikes, Urges China and EU to Strike Deals

U.S. Treasury Secretary Scott Bessent said Washington’s efforts to ease trade frictions with Beijing depend on whether China "wants to be a responsible partner," adding that the United States does not seek an economic decoupling. Speaking on 27 June, Bessent expressed confidence that the current de-escalation can be kept under control ahead of an Aug. 12 date when existing U.S. tariffs on Chinese goods are scheduled for review. In separate remarks on 30 June, Bessent warned that some countries could face higher U.S. duties from 9 July if negotiations stall, cautioning that tariff rates could revert to the steeper levels announced in early April. He said he expects a flurry of agreements before that deadline but stressed that any extension would require President Donald Trump’s approval. Bessent told reporters on 3 July that he would meet with the European Union’s chief negotiator the same day and advised trading partners not to prolong talks. "We’ll see what happens with the EU," he said, underscoring the administration’s readiness to re-impose higher levies if progress falters.