Key Takeaways President Donald Trump's 90-day pause on the "Liberation Day" tariffs expires on July 9.When the deadline passes, the U.S. could re-impose "reciprocal" tariffs on numerous countries, which would be a major drag on the economy.

Treasury Secretary Scott Bessent warned Monday that countries negotiating trade deals with the United States could still face steep tariff hikes on July 9, even if talks are ongoing.Speaking to Bloomberg Television,

President Donald Trump said in an interview that aired Sunday that he did not plan to extend the July 9 tariff deadline he set for countries to broker deals with the US. "I don’t think I’ll need to," he told Fox News’s Maria Bartiromo.