DNYUZ
  • Home
  • News
    • U.S.
    • World
    • Politics
    • Opinion
    • Business
    • Crime
    • Education
    • Environment
    • Science
  • Entertainment
    • Culture
    • Music
    • Movie
    • Television
    • Theater
    • Gaming
    • Sports
  • Tech
    • Apps
    • Autos
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Arts
    • Fashion
    • Food
    • Health
    • Travel
No Result
View All Result
DNYUZ
No Result
View All Result
Home News

Bessent teases new Aug. 1 deadline for tariffs, says Fed chair can’t cut rates like Trump wants

July 6, 2025
in News, Politics
Bessent teases new Aug. 1 deadline for tariffs, says Fed chair can’t cut rates like Trump wants
497
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Treasury Secretary Scott Bessent revealed that the Trump administration is now eyeing Aug. 1 as the date to slap the “Liberation Day” tariffs against countries that fail to cut lightning deals with the US.

Back in April, Trump had given countries a 90-day extension before slapping those tariffs in place, meaning Tuesday, July 8. However, Bessent explained that Trump will warn countries of the forthcoming tariffs instead of imposing them outright.

“I’m not going to give away the playbook, because we’re going to be very busy over the next 72 hours,” Bessent told CNN’s “State of the Union” on Sunday.

“President Trump’s going to be sending letters to some of our trading partners, saying that if you don’t move things along, then on Aug. 1, you will boomerang back to your April 2 tariff level.”

Trump had previewed his plans to blast out letters to trading partners, but didn’t mention the Aug. 1 deadline. On April 2, which he dubbed “Liberation Day,” Trump unveiled customized tariff rates against virtually every country on the planet — including a 10% baseline rate on almost all imports.

Treasury Secretary Scott Bessent on CNN's State of the Union.
Treasury Secretary Scott Bessent explained that the Trump administration is giving time before imposing the “Liberation Day” tariffs. CNN
President Trump holding a chart of reciprocal tariffs.
President Trump unfurled customized tariff rates against virtually every country back in April. Getty Images

The “Liberation Day” were later paused, though the 10% levy went into effect.

“I think we’re going to see a lot of deals very quickly, and we’re going to send out probably a hundred letters to small countries where we don’t have very much trade, and most of those are already at the baseline 10%,” Bessent added.

So far, Trump has announced various tariff deals with the United Kingdom and Vietnam. The president’s team has also reached something of a tariff truce with China while negotiations play out.

Bessent contended that the Aug. 1 date is “not a new deadline,” and he has previously described a focus on securing deals with 18 of America’s top major trading partners.

“We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” he added.

“We are close to several deals. As always, there’s a lot of foot-dragging on the other side, and so I would expect to see several big announcements over the next couple of days,” he said.

In addition to handling Trump’s push to revamp US exports and reduce the trade deficit, Bessent has been in the headlines over speculation that the president may tap him to succeed Federal Reserve Chairman Jerome Powell at the central bank.

Jerome Powell testifying at a Senate hearing.
Federal Reserve Chairman Jerome Powell has been adamant that politics shouldn’t influence monetary policy. Getty Images

Bessent has not ruled that out. Powell’s tenure as chair at the Fed ends in May 2026. Trump had first appointed him in 2018.

One of Trump’s chief grievances with Powell has been the Fed’s decision not to lower its benchmark interest rate target — making the $9 trillion in US debt that is expected to come due over the next year that much more expensive to finance.

The rate also increases borrowing costs for homebuyers and businesses.

Powell has defended the Fed’s decision and argued that the central bank is taking a wait-and-see approach to gauge the inflationary impacts of Trump’s tariffs. Historically, the Fed has sought to insulate itself from political influence over monetary policy.

Bessent said that if he was chair of the Fed, he wouldn’t necessarily be able to lower rates overnight.

“I think that the Fed chair does not cut interest rates. It is a committee, so it’s up to the Open Market Committee and the voting members to cut rates,” Bessent said when asked if he would cut rates as Fed boss.

“The President is probably the most economically sophisticated president we’ve had in 100 years, maybe ever,” the Treasury secretary added when asked about Trump’s complaints about the Fed.

The post Bessent teases new Aug. 1 deadline for tariffs, says Fed chair can’t cut rates like Trump wants appeared first on New York Post.

Tags: Federal Reservejerome powellScott BessentTariffstrade
Share199Tweet124Share
Brian Campbell wins John Deere Classic for 2nd playoff victory this year
News

Brian Campbell wins John Deere Classic for 2nd playoff victory this year

by Associated Press
July 6, 2025

SILVIS, Ill. (AP) — Brian Campbell won for the second time this year on the PGA Tour, both in a ...

Read more
News

Trump dismisses Musk’s political ambitions as ‘ridiculous’ in sharp rebuke

July 6, 2025
Middle East

Israel carries out first strikes against Houthi targets in Yemen since Israel-Iran ceasefire

July 6, 2025
News

King Charles III leads 20th-anniversary commemoration of 7/7 London bombings

July 6, 2025
Golf

John Deere Classic 2025: Full Breakdown $8.4M Purse, Brian Campbell Claims 2nd Victory

July 6, 2025
Elon Musk launches ‘America Party’ drawing rebuke from Trump

Elon Musk launches ‘America Party’ drawing rebuke from Trump

July 6, 2025
Charlize Theron On Studios’ “Risk” Aversion Toward Action Films With Female Leads: “Guys Will Get A Free Ride”

Charlize Theron On Studios’ “Risk” Aversion Toward Action Films With Female Leads: “Guys Will Get A Free Ride”

July 6, 2025
Filthy, cramped conditions at NYC-funded animal shelter persist a year after Post investigation

Filthy, cramped conditions at NYC-funded animal shelter persist a year after Post investigation

July 6, 2025

Copyright © 2025.

No Result
View All Result
  • Home
  • News
    • U.S.
    • World
    • Politics
    • Opinion
    • Business
    • Crime
    • Education
    • Environment
    • Science
  • Entertainment
    • Culture
    • Gaming
    • Music
    • Movie
    • Sports
    • Television
    • Theater
  • Tech
    • Apps
    • Autos
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Arts
    • Fashion
    • Food
    • Health
    • Travel

Copyright © 2025.