US tariff deadline of August 1 is firm, no extensions: Commerce secretary
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Rising tariff floor: Trump sets 15% as the starting point
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The United States will not offer any extensions to its August 1 tariff deadline , Commerce Secretary Howard Lutnick confirmed on Sunday, according to AFP. This rules out any possibility of a second extension from the initial July 9 deadline set by President Trump.'So no extensions, no more grace periods. August 1, the tariffs are set. They'll go into place. Customs will start collecting the money, and off we go,' Lutnick told Fox News Sunday.The announcement sends a firm and final message to US trading partners: the deadline is real, and time-bound commitments must now be met. This is particularly relevant for countries, including India, still hoping to strike trade agreements with the Trump administration ahead of the so-called "reciprocal tariff" rollout.President Donald Trump had earlier left the door open to a possible delay, saying the deadline 'could or could not' be extended. But Lutnick's remarks eliminate that uncertainty, cementing August 1 as the date when the new tariff regime will officially come into force.Just days before the deadline, the two-time Republican President indicated that the baseline tariff rate would be no lower than 15%, up from the 10% figure initially floated in April.Speaking at an AI summit in Washington on July 24, he said, 'We'll have a straight, simple tariff of anywhere between 15% and 50%. We have 50 because we haven't been getting along with those countries too well.'Earlier this month, Trump said that letters were being sent to more than 150 countries, informing them of the tariff hike. 'Probably 10 or 15%, we haven't decided yet,' he said at the time. But with the president now confirming a 15% floor and a possible ceiling of 50%, the scope of these levies appears to be expanding.Commerce Secretary Lutnick added further clarity during a separate interview with CBS News, stating that smaller nations—particularly in Latin America, the Caribbean, and Africa—would face a baseline tariff of 10%, slightly lower than the new floor, but still significant compared to pre-April norms.
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