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Treasury Secretary Scott Bessent announced that the US will reinstate high tariffs on August 1st if trade deals aren't finalized. This reverses a previous tariff pause and contradicts earlier statements from President Trump regarding a July 9th deadline. The administration will send letters to trading partners outlining new tariff levels, ranging from 10-70%. Bessent stated that many countries haven't even attempted to negotiate. The renewed uncertainty caused stock futures to decline.

Prepared by Christopher Adams and reviewed by editorial team.