Tariffs will revert back to their April 2 rates on Aug. 1 for countries that fail to nail down new trade deals with the United States, Treasury Secretary Scott Bessent said Sunday, just three days before the Trump administration’s initial July 9 deadline for tariffs to return.

Tariffs are set to return to previous levels on the first of August for countries that haven't agreed on new deals, Treasury Secretary Scott Bessent said Sunday.

President Donald Trump claims the U.S. has "pretty much" reached a deal for the purchase of TikTok's U.S. assets, and negotiations with China are scheduled to start Monday or Tuesday.

Nearly five months ago, a law went into effect requiring TikTok to be banned in the U.S. unless its China-based parent company, ByteDance, sold it off.