U.S. Commerce Secretary: Tariffs will take effect on August 1, Trump is working on tariff rates and agreements

PANews reported on July 7 that according to Jinshi, Trump said on Sunday that some trade agreements have been reached with trading partners and that he will write to other countries to inform them that tariff rates will increase. U.S. Commerce Secretary Lutnick told reporters that higher tariffs will take effect on August 1, but Trump is "working on rates and agreements now." In April, 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 of tariffs on all countries to July 9 (except the 10% tariff). Lutnick's remarks hinted at a three-week tariff "reprieve." U.S. Treasury Secretary Bensont previously made similar remarks, saying that countries that have not reached an agreement will face tariffs from August 1, but denied that the date is a "new deadline."