US is to enforce new tariff rates amid continuous trade discussions
(MENAFN) Higher U.S. tariff rates are scheduled to come into effect on August 1 unless trading partners finalize agreements with Washington, according to recent remarks from Commerce Secretary Howard Lutnick.
"They go into effect Aug. 1, but the president is setting the rates and the deals right now," Lutnick said during a press briefing alongside President Donald Trump.
Back in April, the United States imposed reciprocal tariffs on most nations but opted to suspend them for a 90-day period beginning April 9, providing countries with time to negotiate trade arrangements.
As the deadline approaches, multiple countries are engaged in ongoing discussions in hopes of reaching favorable agreements with the U.S., the world’s largest economy.
When questioned about whether the rates would shift on July 9 or August 1, Trump responded,
"They're going to be tariffs."
"I think we'll have most countries done by July 9th. Yeah. Either a letter or a deal," he added.
Trump also noted plans to send official letters to various nations, detailing their individual tariff obligations.
"We're going to be sending letters out on Monday having to do with the trade deals...It could be as many as 15 or so...and some will go out on Tuesday and Wednesday — and we've made deals also."
"So we’ll get to have a combination of letters, and some deals have been made," he said to reporters.
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