Major US trading partners are racing to secure trade deals ahead of a July 9 deadline, as Treasury Secretary Scott Bessent hinted at a possible extension for negotiations. The Trump administration is set to send letters to 12 to 15 countries warning of higher tariffs if agreements are not reached. This urgency reflects ongoing discussions with key partners, including the EU, Japan, and South Korea, as they seek to avoid significant tariff increases scheduled for August 1.

The potential for increased tariffs has prompted countries like Thailand and Cambodia to offer concessions to the US, aiming to avert steep levies on their exports. The situation remains fluid, with Trump and Bessent indicating that while tariffs are set to increase, there is still room for negotiation. The outcome of these discussions could significantly impact US importers and exporters, as well as the broader market sentiment regarding trade relations.