As the Trump administration prepares to notify approximately twelve countries about new tariff levels on their exports to the U.S., major trade partners scrambled over the weekend of July 5-6, 2025, to secure deals or seek extensions. U.S. Treasury Secretary Scott Bessent stated on CNN’s ‘State of the Union’ that the next 72 hours would be extremely busy, referring to the looming deadline of July 9.
President Donald Trump told reporters over the weekend that he had signed several letters set to be sent out on Monday—potentially to 12 countries initially. He declined to name them, explaining that the directives include “different monetary amounts, different tariff rates, and somewhat different statements.”
Bessent added that while several major agreements are close, countries receiving these letters could face some of the highest U.S. tariffs—some reaching up to 50%—on their exports starting August 1, 2025, unless a deal is reached. Although Trump officials have hinted for weeks at multiple upcoming agreements, only limited frameworks have been announced so far, including one with the United Kingdom, a ceasefire with China, and a brief outline of a deal with Vietnam.
Recent comments from Trump and Bessent suggest that negotiations remain fluid, with no concrete agreements just three days before the deadline. The Treasury Secretary emphasized that Washington is applying maximum pressure on trade partners and has made “very good progress” in talks with the European Union—a 27-nation bloc representing nearly one-fifth of total U.S. goods trade.
Initially, the letters were supposed to be sent by July 4, with tariffs taking effect on August 1, 2025. However, U.S. officials remained engaged in negotiations over the holiday weekend, including discussions with Japan, South Korea, the EU, India, and Vietnam.
One of Trump’s signature tactics in securing deals is issuing unilateral threats during critical negotiation stages, making it unclear whether the described letters are genuine or simply meant to pressure hesitant trade partners into last-minute concessions. After Trump announced a deal with Vietnam last week, the country’s foreign ministry stated that negotiators were still coordinating with their American counterparts to finalize details.
While a provisional agreement with India was also expected, officials in New Delhi have signaled a tougher stance recently, threatening retaliatory tariffs on certain U.S. products in response to higher U.S. tariffs on vehicles and auto parts.
South Korea is also seeking an extension due to concerns over auto tariffs, having discussed a possible deadline extension with U.S. officials in a last-ditch effort to avoid higher duties.
Enjoying a significant legislative win last week and with U.S. stock markets hitting record highs, Trump’s latest trade moves risk reigniting investor concerns over a broad and complex new web of customs tariffs American importers may soon face.
The initial implementation of Trump’s so-called reciprocal tariffs on April 2 triggered fears of a U.S. recession and led to market declines, prompting a freeze on those rates at 10% for 90 days until July 9. Beyond the additional costs tariffs impose on U.S. firms purchasing goods overseas, domestic exporters face the possibility of retaliation from economies like the EU.
EU member states were briefed on the negotiation status Friday after a round of talks in Washington last week, and were reportedly informed that a technical preliminary agreement was near, according to Bloomberg News.
Meanwhile, Japanese Prime Minister Shigeru Ishiba said the country is prepared for all potential tariff scenarios. Speaking on Fuji TV’s ‘Sunday News The Prime,’ he stated that Japan—another major car producer trying to avoid Trump’s tariffs—is ready to “stand firm” and defend its interests, preparing for every possible scenario.
The Cambodian government announced on Friday that it had agreed with the U.S. on a framework deal soon to be published, promising continued close cooperation. Cambodia faced one of Trump’s highest proposed mutual tariffs at 49%. The Southeast Asian nation is a major exporter of textiles and footwear to the U.S.
Last week, Indonesia expressed confidence that it was close to securing a “bold” trade deal with the U.S. covering critical minerals, energy, defense cooperation, and market access before the tariff deadline, according to the country’s chief negotiator.