U.S. Commerce Secretary: Tariffs to Take Effect on August 1

By: theblockbeats.news|2025/07/07 00:06:50

BlockBeats News, July 7th. On Sunday, Trump stated that he has reached some trade agreements with trading partners and will be sending letters to other countries informing them that tariff rates will be increased. U.S. Commerce Secretary Lutnick told reporters that the higher tariffs will take effect on August 1st, but Trump is "now working on the rates and agreements." In April this year, Trump announced a 10% basic tariff on most countries, as well as an additional tariff of up to 50%, although he later postponed the effective date of tariffs for all countries to July 9th (excluding the 10% tariff). Lutnick's comments imply a three-week tariff "reprieve." U.S. Treasury Secretary Besant had also made similar comments earlier, stating that countries that do not reach agreements will face tariffs starting August 1st, but denied that this date is a "new deadline." (Jin10)

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