US Secretary of Commerce: Tariffs will take effect on August 1st, Trump is working on tariff rates and agreements

According to a report by Golden Ten, Trump stated on Sunday that he has reached some trade agreements with trading partners and will send letters to other countries notifying them that tariff rates will be increased. US Commerce Secretary Lutnick told reporters that higher tariffs will take effect on August 1st, but Trump is currently working on tariff rates and agreements. In April of this year, Trump announced a basic tariff of 10% on most countries, as well as additional tariffs of up to 50%, although he later postponed the effective date of tariffs on all countries to July 9th (except for the 10% tariff). Lutnik's remarks imply a three week suspension of tariffs. US Treasury Secretary Besson previously made similar remarks, stating that countries that have not reached an agreement will face tariffs from August 1st, but denying that date as a "new deadline".