U.S. Treasury Secretary Yellen stated that countries that do not reach an agreement will face tariffs starting August 1, but denied that this date is a "new deadline."

ChainCatcher news, according to CNBC, U.S. Treasury Secretary Basant stated on Sunday that tariffs announced in April for countries that did not reach a trade agreement with the Trump administration will be reinstated on August 1. Basant said, "President Trump will send letters to some of our trading partners saying that if you do not take action, then on August 1, your tariffs will return to the levels of April 2." He mentioned that on August 1, countries that have not reached an agreement will "receive a letter." Basant dismissed the idea that August 1 is another new tariff deadline, but the August date could still give trading partners more time to renegotiate tariff rates.

Basant said, "What we are saying is that when things happen, if you want to speed things up, then you should start quickly; if you want to return to the original tariff rates, that is your choice." In April, Trump announced a 90-day suspension of high tariffs imposed on most major trading partners. The tariff suspension order will expire on Wednesday (July 9).