U.S. Commerce Secretary: August 1 is the deadline for countries to start paying tariffs to the U.S., but "negotiations are still possible."

ChainCatcher news, according to Jinshi reports, U.S. Secretary of Commerce Howard Lutnick stated in an interview with CBS News last Sunday that August 1 is the deadline for countries to start paying tariffs to the United States, but emphasized that "countries can continue to negotiate with the U.S. after August 1."

Lutnick revealed that some small countries—Latin American countries, Caribbean countries, and many African countries "will be subject to a 10% baseline tariff." This statement may provide some relief to these countries, as Trump had previously hinted that the baseline tax rate for these countries could exceed 10%. However, he also stated that "larger economies have only two options—either open their markets to the U.S. or pay fair tariffs."