By Gavin Bade

The Trump administration is previewing a big week for tariffs and trade negotiations. "We are going to have several announcements in the next 48 hours," Treasury Secretary Scott Bessent said on CNBC Monday morning, adding that many nations had "changed their tune" since President Trump threatened to hike tariffs to levels he set on April 2, before delaying the duties for 90 days. Here's what to know about the state of play:

-- Under Trump's current executive orders on trade, the pause on his so-called reciprocal tariffs will expire at 12:01 a.m. Wednesday. That means countries could rebound to the rates assigned to them on April 2 in Trump's "Liberation Day" action. Nations that strike a trade deal with the U.S. could be exempted from that hike, or receive more time to negotiate.

-- Countries that don't arrive at a deal with Trump will receive letters outlining the tariff levels they will pay, Trump has said. Nations could begin paying those tariffs on Aug. 1, administration officials said this weekend. But moving the deadline back to August would require executive action by Trump to avoid having the tariffs rebound automatically Wednesday.

-- So far, the administration says only three countries have arrived at agreements with Trump to avert steep tariffs. The U.K. notched a deal back in May, while Trump arrived at a tariff truce with China in June, and said he reached an agreement with Vietnam last week. Details of the China and Vietnam deals have not been released, and key aspects of the U.K. deal-such as how much steel can enter the U.S. duty-free-remain in question.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

July 07, 2025 11:33 ET (15:33 GMT)

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