Lutnik: Tariffs will take effect on August 1

On July 7, Trump said on Sunday that a number of trade deals had been reached with trading partners and that he would send letters to other countries informing them that tariff rates would be raised. U.S. Commerce Secretary Lutnik told reporters that the higher tariffs would take effect on August 1, but Trump "is working on rates and agreements right now." In April, Trump announced basic tariffs of 10 percent on most countries, as well as additional tariffs of up to 50 percent, although he later delayed the effective date of tariffs for all countries to July 9 (with the exception of the 10 percent tariffs). < b > Lutnik's remarks hinted at a three-week "reprieve" of tariffs. US Treasury Secretary Vincent Bescent previously made similar remarks, saying that countries without a deal would face tariffs from August 1, but denied that date was a "new deadline".