Steep tariff rates are set to go back into effect after a 90-day pause on the April 2 rates that rocked the stock market.

Treasury Secretary Scott Bessent said Sunday that counties that do not make deals with the United States by August will see their tariff rates set back to the rates from the April 2 “Liberation Day.” The Trump administration had set a temporary 90-day freeze to cap most tariffs at 10% a week after announcing them

Treasury Secretary Scott Bessent said on Sunday that if U.S. trading partners do not make progress on trade negotiations, tariffs will go back to April levels, effective August 1.