Tariffs will revert back to their April 2 rates on Aug. 1 for countries that fail to nail down new trade deals with the United States, Treasury Secretary Scott Bessent said Sunday, just three days before the Trump administration’s initial July 9 deadline for tariffs to return. Bessent told CNN’s “State of the Union” that the Trump administration would be sending out letters to 100 smaller countries “saying that if you don’t move things along, then on August 1st, you will boomerang back to your April 2nd tariff level.” The announcement effectively pushes back the tariffs that were originally set in April but had been ... (full story)