US Treasury: "Multiple trade-related announcements will be made over the next 48 hours"

"Expected to meet with Chinese officials within the next few weeks"

Scott Bessent, the US Secretary of the Treasury, announced that there will be several trade-related announcements over the next 48 hours.

In a CNBC interview on the 7th (local time), Secretary Bessent said this and anticipated, "It will be a very busy few days." However, he did not specify which countries would be involved.

Howard Lutnick, the Secretary of Commerce, stated the previous day, "Tariffs will take effect from August 1st. However, the President is currently determining the tariff rates and negotiating terms." Investors had expected tariffs to be implemented this week. Most of the reciprocal tariff exemptions on key US trading partners, introduced by President Trump, were also set to end this week.

Adding to trade concerns, President Trump threatened to impose an additional 10% tariff on countries that align with the anti-American policies of BRICS, such as Brazil, Russia, India, and China.

Secretary Bessent also stated, "We expect to meet with Chinese officials in the coming weeks." He anticipated that a meeting with the Chinese Minister of Finance in a few weeks would advance discussions on trade and other issues beyond trade between the world’s two largest economies.

Earlier this year, the US and China exchanged significant retaliatory tariffs that paralyzed trade, putting financial markets at risk. In subsequent negotiations in Geneva and London, the two countries agreed to a truce. As part of these talks, China agreed to relax export restrictions on rare earth minerals essential to US industries, while the US agreed to lift certain restrictions in exchange.

Jung-A Kim, Contributing Reporter kja@hankyung.com