Written by The Banking Post
Washington, D.C. – President Donald Trump announced on Sunday that the United States is nearing the finalization of multiple trade agreements, with new tariff rates to be set by July 9 and implemented starting August 1. The base tariff rate will be 10%, with additional duties potentially reaching up to 50% for certain countries.
Speaking to reporters, Trump indicated that the U.S. is finalizing deals with several nations, stating, “It could be 12, maybe 15 [deals]. We’ve made deals also, so we’re going to have a combination of letters and some deals have been made.” The previously announced 90-day tariff pause, set to expire on July 9, has now been extended, with tariffs officially taking effect on August 1, according to Commerce Secretary Howard Lutnick.
Lutnick clarified, “Tariffs go into effect August 1, but the president is setting the rates and the deals right now.” This delay provides a three-week reprieve for importers but extends uncertainty for global trade partners.
In April, Trump introduced a 10% base tariff rate on most countries, with additional duties of up to 50% for some, though he later postponed implementation until July 9. The new August 1 start date further delays these measures.
Treasury Secretary Scott Bessent, speaking on CNN, highlighted progress in trade negotiations, particularly with the European Union. He also noted that the U.S. will send letters to 100 smaller countries with limited trade ties, notifying them of higher tariff rates initially set on April 2 and suspended until July 9.
The announcements signal a strategic push to reshape U.S. trade policy while balancing ongoing negotiations and economic considerations.
