Trump Says US Close To Trade Deals, Sets New Tariff Effective Date For Aug 1

The US is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on July 6, with the higher rates scheduled to take effect on August 1.

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MORRISTOWN, New Jersey -

Since taking office, Mr. Trump has set off a global trade war that has roiled financial markets and sent policymakers scrambling to guard their economies, including through deals with the US and other countries.

In April, he unveiled a base tariff rate of 10 percent on most countries and additional duties of up to 50 percent, but later gave a three-week reprieve until July 9 for all but the 10 percent.

Mr. Trump, whose remarks to reporters on July 6 came just before his return to Washington from a weekend golfing in New Jersey, had flagged the August 1 date earlier, but it was unclear if all tariffs would increase then.

Asked to clarify, Commerce Secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1, and that Mr. Trump was "setting the rates and the deals right now."

In a posting on his Truth Social website, Mr. Trump later said the US would start delivering tariff letters from noon on July 7 (midnight on July 8, Singapore time).

In a separate post, he rolled out a wholly new tariff policy, calling for countries "aligning themselves with the anti-American policies" of the BRICS developing nations to be charged an extra 10 percent tariff, with no exceptions to be granted.