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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
11 minutes ago
- Economic Times
Xi Jinping losing his grip? Signs emerge of chaos in China's military and political circles
President Xi Jinping's absence from the BRICS summit sparks speculation of internal turmoil in China, despite official claims of a scheduling conflict. Experts suggest Xi may be facing challenges to his leadership and control, while widening rifts within BRICS, fueled by trade disputes and China-India tensions, further complicate the situation. Premier Li Qiang is attending instead. Tired of too many ads? Remove Ads Xi Jinping Skips BRICS Summit for First Time Experts See Signs of Turmoil at Home Tired of too many ads? Remove Ads Premier Li Qiang Steps In Widening Rifts Within BRICS China-India Tensions Add Pressure FAQs Tired of too many ads? Remove Ads For the first time since it was started, Chinese President Xi Jinping is not attending the BRICS summit , a move that's raising speculations that something must be going terribly wrong within China, as per a official explanation from Beijing is simple, a 'scheduling conflict,' and that Xi had already met with Brazilian President Luiz Inácio Lula da Silva earlier this year, but experts are convinced, as per Fox sudden absence from this week's gathering of major emerging economies in Brazil for BRICS is prompting questions about the stability of his leadership at home, according to the Fox News expert on US-China relations, Gordon Chang said, "That doesn't make sense," adding, "There are many other countries at the BRICS summit, not just Brazil. To me, it's extremely significant that Xi Jinping is not going. It suggests turbulence at home — there are signs he's lost control of the military and that civilian rivals are reasserting power. This is a symptom of that," as quoted in the READ: Keir Starmer on the way out? This surprise contender could be the UK's next Prime Minister According to a Fox News report, Premier Li Qiang is attending the summit in Brazil instead of Xi, continuing a recent trend of Xi scaling back his appearances on the global Burack of the Heritage Foundation also pointed out that Xi's absence might indicate deeper issues, saying, "It's another indication that BRICS is not going to be China's vassalization of the Global South," as quoted in the explained that countries like Brazil and Indonesia have recently imposed tariffs on China over industrial overcapacity and dumping, which reflect widening rifts within the group. Burack pointed out that, "China is actively harming all those countries for the most part, maybe with some exceptions, through its malign trade policies and dumping and overcapacity," as quoted by Fox READ: Nvidia just dropped a game-changer — CEO Jensen Huang calls it a miracle for AI supercomputing While a few analysts have also cited rising China-India friction as a possible reason for Xi's decision to not attend the summit, according to the pointed out that, "China has been at war with India for decades, essentially," adding, "These are fundamentally opposing interests. It's difficult to see China changing its behavior in the near term, and that will keep tensions high," as quoted by Fox to the report, Indian prime minister Narendra Modi is expected to take a leading role at the summit, which could have been another deterrent for Xi's attendance. The author of The Red Emperor, a biography of Xi, Michael Sheridan said, Xi, as the Red Emperor, does not want to be overshadowed,' as quoted in the due to a scheduling conflict and because he already met Brazil's president this year. But many experts suspect political turmoil at unclear, but experts suggest he may be facing internal challenges or strategic shifts.
Time of India
17 minutes ago
- Time of India
Trump Declares 'ECONOMIC EMERGENCY'; Strikes Top Asian Allies Of U.S. With Steep 25% Tariffs
President Donald Trump on Monday placed a 25% tax on goods imported from Japan and South Korea, citing persistent trade imbalances with the two crucial U.S. allies in Asia. Trump provided notice of the tariffs to begin on Aug. 1 by posting letters on Truth Social that were addressed to the leaders of both countries. The letters warned both countries to not retaliate by increasing their own import taxes, or else the Trump administration would further increase tariffs. 'If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 25% that we charge,' Trump wrote in the letters to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung. Read More
News18
21 minutes ago
- News18
Epstein Was 'Not Murdered' Trump Administration Debunks Theories, MAGA Stunned, Musk Mocks
President Donald Trump's Justice Department and FBI have concluded they have no evidence that convicted sex offender and disgraced financier Jeffrey Epstein blackmailed powerful figures, kept a "client list" or was murdered. The MAGA movement erupted in disbelief over the news. Their distrust of the "deep state" sparked years of conspiracy theories over Epstein's suicide in prison. Meanwhile Elon Musk trolled President Trump with a post knocking the administration for making no arrests related to the Jeffrey Epstein Trump's former ally-turned-foe, posted an image to his social platform X of 'The Official Jeffrey Epstein Pedophile Arrest Counter,' set to '0000.' n18oc_world n18oc_crux
