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US tariffs to take effect on August 1, says Trump as deals near completion
In comments made to reporters on July 6, Trump revealed that he expects the majority of trade agreements to be finalised by July 9, according to a Reuters report. He added that while some countries would receive letters outlining higher tariffs, deals could be signed with others. Trump indicated that the letters, signalling impending tariff hikes, would begin going out on July 7, with some possibly arriving the following day. He noted that the process will involve a combination of formal letters and completed trade deals.
'I believe we'll have most countries sorted by July 9, either through a letter or a deal,' Trump said before boarding Air Force One to return to Washington after a weekend in New Jersey.
'We've also made deals, so we'll have a mix of letters and agreements in place,' Trump added, though he did not specify which countries or groups would fall into either category.
Trump's Liberation Day tariffs and what followed
Trump had initially announced a base tariff of 10 per cent on most of America's trading partners earlier this year, with the possibility of additional duties reaching up to 50 per cent. However, in response to growing global financial concerns, the US president delayed the full enforcement of tariffs, with only the 10 per cent increase taking effect on July 9. This new delay offers an additional three-week window for further negotiations before the full set of tariffs, including those above 10 per cent are implemented.
Lutnick further clarified that, despite the new August 1 deadline, President Trump is already in the process of finalising tariff rates and trade agreements, with many of the deals expected to be concluded in the coming days.
While the details of the new tariffs remain unclear, these developments highlight the Trump administration's concerted effort to reshape global trade in its favour, focusing on reducing trade deficits and securing more favourable terms for American businesses.
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