U.S. Secretary of Commerce: Tariffs will take effect on August 1

ChainCatcher news, according to Trump on Sunday, has reached some trade agreements with trading partners and will be sending letters to other countries to inform them that tariff rates will be increased. U.S. Secretary of Commerce Ross told reporters that the higher tariffs will take effect on August 1, but Trump is "currently formulating the rates and agreements."

In April of this year, 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 for all countries to July 9 (excluding the 10% tariff). Ross's remarks suggest a three-week "stay" on tariffs. U.S. Treasury Secretary Mnuchin had previously made similar comments, stating that countries without an agreement will face tariffs starting August 1, but denied that this date is a "new deadline."