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Monday, 21 July 2025
Markets

August 1 is hard deadline Trump tariffs

August 1 is hard deadline Trump tariffs

Howard Lutnik, US Secretary, Pennsylvania speaks at the Carnegie Melon University in Pittsburgh on July 15, 2025 during the Energy and Innovation Summit 2025.

David a. Grogan | CNBC

Commercial secretary Howard Lutenic On Sunday said that August 1 The deadline for countries start payment for countries United StatesBut said that “Nothing prevents the country from talking to us after August 1.”

“This is a difficult time limit, so on August 1, new tariff rates will come,” Lutnik said CBS NewsWhen asked about the time limit for him Tariff on the European Union.

chairman Donald Trump’s The tariff deadline has been transferred since he has announced his standing levy on trading partners. 2 AprilBut the White House officials now said that August 1 is a firm time limit.

Lutnik said, “The countries do not stop talking to us after 1 August, but they are going to start paying tariffs on 1 August.”

Read more CNBC politics coverage

Lutnik said that some small countries, “Latin American countries, Caribbean countries, Africa,” will be a basic tariff of 10%.

Lutnik’s comments may bring relief to nations waiting for a certain decision on tariff rates from Trump, who recently suggested that the baseline tariff rate for these countries could be more than 10%.

The President announced last week that letters will be sent to small countries soon. “We will probably set a tariff for all of them … maybe more than 10%,” Trump said.

Lutnik said that “big economies will either open themselves or they will pay a proper tariff to America.”

Lutnik’s comments come after Trump earlier this month Letters sent to business partners Informing them about the new tariff rates, which reached 40% for some countries.

Trump’s letters posted on Truth Social said that the tariffs would be effective on August 1, which would inspire the last minute conversation with the business partners seeking low rates.

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