Treasury Secretary Scott Bessent tried to reassure American businesses Tuesday, ahead of President Donald Trump’s Aug. 1 tariff deadline, downplaying the impact of any “snapback tariffs” and suggesting they could be short-lived.
“What can you tell American businesses to expect on Friday?” CNBC’s Eamon Javers asked Bessent in an exclusive interview in Stockholm, Sweden.
“I would think that it’s not the end of the world if these snapback tariffs are on for anywhere from a few days to a few weeks,” Bessent replied, “As long as the countries are moving forward and trying to negotiate in good faith.”
For U.S. businesses that could be hit with more tariff hikes starting Friday, however, Bessent’s suggestion that “it’s not the end of the world” is unlikely to be all that reassuring.
The threat of Trump’s country-specific tariffs has hung over American businesses since he first unveiled them at his April “Liberation Day” event.
