US Commerce Secretary: Tariffs to Take Effect on August 1

According to ChainCatcher, Trump stated on Sunday that he has reached several trade agreements with partners and will send letters to other countries to inform them that tariff rates will be increased. U.S. Secretary of Commerce Lutnick told reporters that higher tariffs will take effect on August 1, but Trump is "currently setting the rates and agreements."

In April this year, Trump announced a 10% basic tariff on most countries, as well as additional tariffs of up to 50%, although he later postponed the effective date for all countries' tariffs to July 9 (except for the 10% tariff). Lutnick's remarks suggest a three-week "reprieve" on tariffs. U.S. Treasury Secretary Bessent previously made similar comments, stating that countries without agreements will face tariffs starting August 1, but denied that this date is a "new deadline."