The United States is on the verge of sealing multiple trade agreements ahead of a crucial July 9 deadline, when steep tariffs are set to take effect, Treasury Secretary, Scott Bessent, said yesterday.

   This was as BRICS leaders meeting in Rio de Janeiro yesterday warned that U.S. President Donald Trump’s “indiscriminate” import tariffs risked hurting the global economy.

   Speaking on CNN’s State of the Union, Bessent said Trump plans to send formal notices to around 100 smaller nations with limited trade ties to the U.S.

   He warned that the nations were faced with the reality of higher tariffs originally announced on April 2, but temporarily suspended for 90 days to allow time for negotiations.

   “President Trump is going to be sending letters to some of our trading partners saying, ‘if you don’t move things along, then on August 1, you will boomerang to your April 2 tariff level. So, I think we’re going to see a lot of deals very quickly,” Bessent said.

   The Trump administration’s aggressive trade agenda rattled financial markets and triggered a wave of global responses, with many countries rushing to negotiate bilateral agreements to shield their economies.

   The April 2 tariff announcement included a 10 per cent base rate and additional tariffs on a wide range of goods, with some reaching as high as 50 per cent.

   Although the more severe penalties were put on hold for 90 days, the suspension is set to expire on July 9, pressuring nations to finalise agreements before the higher duties kick in.

   Bessent clarified that “August 1 is not an extended deadline, but when new rates will take effect for those without a deal.”

   White House National Economic Council Director Kevin Hassett, appearing on CBS’s Face the Nation, suggested some flexibility might be possible for countries engaged in ‘good faith’ negotiations.

   Meanwhile, Stephen Miran, chairman of the White House Council of Economic Advisers, said some talks were progressing positively.

   Worried by Trump’s tariff policy, the BRICS bloc stated: “We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.”

   Emerging nations, which represent about half of the world’s population and 40 per cent of global economic output, have united over “serious concerns” about U.S. import tariffs, according to a draft summit statement obtained by AFP on Saturday.

   Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties.

   His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force.

   The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks Sunday and Monday.

   But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa.

   “We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organisation) rules,” the draft text says.

   It warns that such measures “threaten to further reduce global trade” and are “affecting the prospects for global economic development.”

   Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counter-balance to Western power.