U.S. Treasury Secretary Scott Bessent has warned that countries could still face much higher tariffs, despite good-faith negotiations, as a 90-day pause on reciprocal tariffs is set to expire July 8.

Bessent issued the warning on Monday during an interview with Bloomberg Television.

The official said some countries are negotiating in good faith, but should be aware that if the U.S. can’t get across the line because they are being recalcitrant, then the U.S. could bring its tariffs back to the April 2 levels. 

Regarding the possibility of extending the deadline, Bessent said only Trump can decide whether to approve extensions. 
 
Asked how many of the 18 major trading partners the U.S. expects to reach agreements with before the deadline, Bessent said he expects “a flurry” of last-minute deals ahead of the deadline as the pressure increases.