Scott Bessent says 'not to panic' over tariff rate surges on Aug. 1

Treasury Secretary Scott Bessent urged America’s trading partners on Wednesday not to “panic” if economic agreements aren’t finalized before President Trump’s looming tariff deadline this Friday—emphasizing that the U.S. still holds significant leverage, particularly in talks with China.

“If there’s not a deal by Aug. 1, I would encourage market participants, corporate America, even the countries, not to panic, because you can still do a deal,” Bessent said during remarks at a forum hosted by Breitbart News at the Waldorf Astoria in Washington, D.C.

Bessent explained that while the U.S. hasn’t yet signed a permanent agreement with China, Washington’s negotiating position has strengthened, saying, “we now have a lot more leverage.”

He also predicted a “busy August,” noting that tariff rates are poised to rise from the current 10% up to 50%, creating a stronger incentive for nations to come back to the table.

At a press conference in Stockholm following trade discussions with China, Bessent stood alongside U.S. Trade Representative Jamieson Greer, who echoed the administration’s firm position.

Commerce Secretary Howard Lutnick has reiterated that the tariff deadline is final and won’t be pushed back, regardless of where talks stand with individual countries.

“No extensions, no more grace periods. Aug. 1, the tariffs are set; they’ll go into place. Customs will start collecting the money, and off we go,” Lutnick stated on Fox News Sunday.