Treasury Secretary Scott Bessent warned trading partners on Monday that they must cooperate in trade negotiations or risk a return

Bessent, who earlier floated the idea of negotiating extensions, told Bloomberg Television that he expects there to be "a flurry" of trade deals leading up to the July 9 deadline, after which 10% U.S. tariff rates on goods from many countries are set to snap back to Trump's April 2 announced rates of 11% to 50%.

President Donald Trump expressed frustration with U.S.-Japan trade negotiations on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as a July 9 deadline approaches despite good-faith negotiations.