President Trump will send letters to some of our trading partners where he says: if the talks do not move forward, then the tariff level from April 2 will apply from August 1, says Bessent to CNN.
The announcement of the US's heavily increased tariffs in April this year means for large parts of the world increases of at least ten percent, but for major trading partners such as the EU and China, the percentages are significantly higher. In addition, the US is also introducing tariffs of 25 percent on all foreign-built vehicles.
However, the increased tariffs have been put on hold several times while waiting for new trade agreements, and the current postponement applies until July 9. So far, the US has agreed on new agreements with, among others, the UK and Vietnam.
"No new deadline"
Negotiations between the EU and the US are still ongoing, and if no agreement is reached before the tariff pause expires, the US is threatening tariffs of 20 percent on goods from the EU.
The Union - whose customs agreement Sweden is affected by - has threatened with retaliatory tariffs on everything from beer to airplanes, but it is not known how high.
Trade between the EU and the US was estimated in 2024 to be worth around staggering 1.7 billion euros, equivalent to 19 billion kronor.
In the interview with CNN, the finance minister turns against the claim that the US is threatening rather than negotiating about the tariffs, and denies that August 1 will be another deadline.
It's no new deadline. We're just saying that this is when it happens, if you want to speed things up, do it, if you want to go back to the old tariff level, it's your choice, says Scott Bessent.
New trade agreements near
The US's tactic is to put "maximum pressure" on trading partners, according to the finance minister, who says that the EU is a good example that is "making great progress" after a "slow start".
We will be very busy in the next 72 hours, says Bessent, referring to the short time left until July 9.
Several new trade agreements are to be expected, he continues, without specifying which countries they concern.
I expect to see several major announcements in the coming days.
As recently as Saturday, French Finance Minister Éric Lombard said he hopes the EU can reach a new agreement with the US as early as this weekend.
