As the July 9 deadline looms, the United States is on the brink of sealing several significant trade agreements, according to US Treasury Secretary Scott Bessent. Speaking on July 6, 2025, Bessent expressed optimism about forthcoming announcements, signaling a rapid pace of negotiations as the window to avoid higher tariffs narrows.
These tariffs, initially set by President Donald Trump on April 2, 2025, were suspended for 90 days to allow time for talks. The base rate was established at 10 percent, with some countries facing additional tariffs reaching as high as 50 percent. However, with the suspension period ending July 9, the stakes have intensified, as the administration prepares to enforce these tariffs unless deals are finalized.
Bessent revealed that the administration plans to send letters to 100 smaller trading partners notifying them that unless progress is made, they will revert to the original tariff levels starting August 1, 2025. He clarified that August 1 is not a new deadline but rather the date when tariffs will take effect if negotiations stall. "President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly," Bessent told CNN’s State of the Union.
The Treasury Secretary highlighted that the administration’s focus is on 18 key trading partners who collectively account for 95 percent of the US trade deficit. Despite this focus, Bessent noted a degree of reluctance among some countries to close deals, refraining from naming them to avoid letting them off the hook prematurely. President Trump has publicly mentioned India as nearing a deal and expressed hope for an agreement with the European Union, while casting doubt on Japan’s prospects.
Meanwhile, Thailand finds itself in the spotlight amid these trade tensions. Deputy Prime Minister and Finance Minister Pichai Chunhavajira addressed rumors circulating on July 6 that the US would impose tariffs as high as 36 percent on Thai goods. Speaking through the Ministry of Finance’s official page, Pichai firmly denied these claims, emphasizing that negotiations are ongoing and that no official tariff rates have been confirmed.
“The Thai team has not yet received confirmation of what tariff rate the US will impose on Thailand,” Pichai stated, urging patience until the US side makes an official announcement. He also underscored the confidentiality of the discussions, explaining that current negotiations remain under strict protocols due to unresolved issues. Despite this, Pichai expressed confidence in the positive nature of the talks, noting that the US remains open to finding a mutually beneficial agreement.
Thailand’s government has mobilized a comprehensive team encompassing ministries of Commerce, Finance, Industry, Foreign Affairs, Agriculture, Public Health, and the Board of Investment (BOI) to prepare a revised proposal to submit before the July 9 deadline. The goal is to secure tariff rates that preserve Thailand’s competitiveness and support its export-driven economy. “We hope the US will consider this in determining tariff rates that benefit Thailand,” Pichai said.
The 36 percent tariff figure stems from President Trump’s April 2 announcement, which targeted Thailand due to its trade surplus with the US. However, Pichai stressed that this number is not set in stone and that negotiations could lead to more favorable outcomes. Looking beyond July 9, he anticipates continued talks as countries work through their internal approval processes, hoping Thailand will maintain the lowest possible tariff rates during this period.
These developments come amid a broader backdrop of global trade tensions triggered by the Trump administration’s aggressive tariff policies. Since taking office, President Trump has sought to recalibrate trade relationships, often through imposing tariffs to pressure partners into renegotiating terms. This approach has disrupted financial markets and forced many countries into delicate negotiations to avoid economic fallout.
With the July 9 deadline fast approaching, the US administration’s strategy appears to be a mix of pressure and opportunity. By setting a firm date for tariff enforcement and signaling readiness to revert to higher rates, the US aims to expedite deals. Yet, as Deputy Prime Minister Pichai’s remarks indicate, the path to agreement remains complex, requiring careful balancing of national interests and economic realities.
In the coming days, the world will watch closely as these trade talks unfold. The outcomes will not only affect tariff rates but could reshape trade dynamics and economic prospects for multiple countries, including the US and Thailand. As Bessent put it, the next announcements could be substantial, potentially marking a turning point in this high-stakes negotiation saga.
