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Investing.com-- U.S. President Donald Trump said on Sunday that the U.S. was nearing multiple trade agreements and will begin notifying partners of impending tariff increases by July 9, with the new rates set to take effect on August 1.
Treasury Secretary Scott Bessent told CNN’s “State of the Union” the administration plans to send letters to around 100 smaller trading partners. Those countries that fail to finalize agreements by August 1 would see tariffs revert to the steep levels initially announced on April 2.
While speaking to reporters, Commerce Secretary Howard Lutnick confirmed the tariff schedule, stating that once letters are dispatched, the new rates will begin on August 1.
White House National Economic Council Director Kevin Hassett, on CBS’s "Face the Nation," said, “There are deadlines, and there are things that are close, and so maybe things will push back past the deadline.” He added that final decisions would rest with the president.
Agreements have been reached with the United Kingdom (TADAWUL:4280) and Vietnam, and limited progress is reported with China, while talks continue with the European Union and India.
In April, Trump introduced a base tariff of 10% on most nations, with extra duties reaching up to 50%. However, he later postponed the implementation of all tariffs above 10% until July 9.
The newly set date effectively gives countries an additional three-week grace period.