Now, tariffs in specific countries of U.S. President Donald Trump are scheduled to take effect on August 1, with a temporary suspended sentence as trade negotiations with several countries, including India intensifies.
Earlier, U.S. tariffs will come into effect from July 9.
Commerce Secretary Howard Lutnick announced a tariff probation on Sunday (US time) while talking to the media. He noted that President Trump is “determining interest rates and deals.”
“I think we will end most countries by letter or final agreement by July 9,” Trump told reporters, adding that the notification letter warned that the upcoming tariff hikes will go out from Monday (US time) and are expected to take place on Tuesday.
Trump said it would be more than “sitting down to work 15 different things… If you want to do business with the United States, that’s what you have to pay.”
In April, Trump announced basic tariffs on most U.S. trading partners, with additional responsibilities since then as high as 50%.
So far, the United States has announced trade deals with the UK and Vietnam, and there are obviously more trade deals.
“President Trump will send letters to some of our trading partners saying that on August 1, you will be boomerang back to the April 2 tariff levels. So, I think we will see a lot of deals soon,” Treasury Secretary Scott Bessent told CNN.
A delegation of senior Indian officials led by Chief Negotiator Rajesh Agrawal returned from Washington after talking to U.S. officials without reaching a final agreement on sensitive issues in the U.S. pushing for agricultural and dairy trade.
Meanwhile, Trump announced that he would increase tariffs by 10% on “countries that are aligned with the anti-US policies of the BRICS countries.”
