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.

Major US trading partners hurried over the weekend to secure trade deals or lobby for extra time, while Treasury Secretary Scott Bessent indicated that some countries lacking an agreement by the deadline Wednesday will have the option of a three-week extension to negotiate.

Treasury Secretary Scott Bessent on Friday said he thinks trade negotiations could be “wrapped up” by Labor Day, providing a more relaxed framework for inking deals than the previously prescribed July 9 deadline.

Bessent said about 97% or 98% of the U.S. trade deficit was with about 15 countries, most of which were major trading partners, and discussions were proceeding well with many.

U.S. Treasury Secretary Scott Bessent on Sunday warned that countries that don’t make trade deals with the U.S. will return to their April 2 tariff rates starting in August, while noting that the Trump administration expects a flurry of trade agreements to be completed this week ahead of President Donald Trump ’s original deadline.

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