U.S. Treasury Secretary Scott Bessent, who is leading the country’s trade negotiations, has reaffirmed that countries failing to reach trade deals with Washington will face higher reciprocal tariffs starting August 1. 

Bessent made the remarks on Sunday in an interview with CNN, when asked what will happen when the 90-day pause on tariff ends on July 9.

He said that tariff rates would "boomerang back" on August 1 to the higher levels announced in April, adding that the U.S. will be “very busy for the next 72 hours.”

Bessent also said that President Donald Trump will be sending letters to several U.S. trading partners, warning that if negotiations fail to progress, the U.S. will revert to the tariff levels announced on April 2. 

On Friday, Trump told reporters that he had signed 12 such letters, which are expected to be sent out on Monday.