US tariffs to kick in from August 1 as Trump says America nears trade deals
The Trump administration officials had flagged the August 1 date earlier for the higher tariffs to take effect but it wasn't confirmed if all the tariffs were scheduled to increase from that date. Commerce Secretary Howard Lutnick, who was asked to clarify the dates, said increased tariffs would come into effect on August 1, but Trump was 'setting the rates and the deals right now.'
In April, Trump had announced a base tariff of 10% on most of America's trading partners and thereafter additional duties ranging up to 50%. However, due to a global financial commotion over the newly announced tariffs, the US president had later delayed the effective date for all but 10% until July 9. The new date of August 1 for higher tariffs to take effect offers countries a three-week reprieve.
Trump earlier said that he has signed 12 letters to be sent out likely on Monday. He has repeatedly said that he plans to inform countries of a hike in US tariff rates by sending them letters.
Trump, aboard Air Force One on July 4, had said sending notices would be much easier than 'sitting down and working 15 different things…this is what you have to pay, if you want to do business with the United States.'
The United States has till now announced trade deals with the United Kingdom, Vietnam and the Trump administration has agreed to temporarily lower high tariffs on Chinese products and vice-versa.
US Treasury Secretary Scott Bessent told CNN, 'President Trump's going to be sending letters to some of our trading partners saying that if you don't move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we're going to see a lot of deals very quickly.'
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