US Tariffs Set to Reshape Global Trade

President Donald Trump has confirmed that the new US tariffs will take effect on August 1, marking a significant shift in international trade policies. Initially announced in April with a base rate of 10% and additional duties up to 50%, the implementation was delayed, offering countries a brief reprieve.

Commerce Secretary Howard Lutnick clarified that the higher tariffs would indeed commence on the specified date, with Trump currently finalizing the rates and agreements. The President also mentioned that tariff letters would start being delivered from 12:00 p.m. ET on Monday.

Upcoming Trade Agreements and Negotiations

U.S. Treasury Secretary Scott Bessent hinted at several major trade agreements to be announced soon, noting progress in talks with the European Union. Additionally, Trump plans to notify 100 smaller countries of increased tariff rates, urging them to accelerate negotiations to avoid reverting to April's higher rates.

Kevin Hassett of the White House National Economic Council suggested there might be flexibility for countries actively engaged in negotiations, though Trump will have the final say on any extensions beyond the deadline.