U.S. Treasury Secretary Bessent has announced that tariff rates will revert to their April 2025 levels if trade deals are not reached by August 1. This reversion will take effect automatically on that date in the absence of agreements with trading partners. Bessent also warned that reversing the tariff adjustments scheduled for August 1 could result in higher tariffs, which would increase pressure on the affected countries. The decision on the tariffs ultimately rests with President Donald Trump, according to Bessent. The tariffs in question relate to the U.S. trade policy adjustments implemented earlier in April 2025, which had set tariff rates at 145% on Chinese goods.