00:00The Trump administration is signaling a pivotal shift on tariffs, with Treasury Secretary Scott Besson announcing that letters will be sent to around 100 smaller trading partners,
00:10warning that without new trade agreements, tariffs will boomerang back to their original April 2nd levels on August 1st.
00:18Those tariffs, part of the broadly applied Liberation Day measures, include a baseline 10% levy on imports and may rise as high as 50% to 70% depending on the country.
00:30The administration has closed deals with the UK and Vietnam, reached limited agreement with China, and is reportedly near deals with India and the EU.
00:39The Treasury Secretary emphasized August 1st is not a new deadline, but simply the date when tariffs would automatically restart without sufficient progress.
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