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 threatened to impose a fresh tariff level on Japan, while his top economic adviser said the White House aims to finalize deals with partners after the July 4 holiday.Trump’s latest round of brinkmanship with Tokyo on Monday comes just over a week before a July 9 deadline for higher tariffs to restart for dozens of trading partners,