US Plans Tariffs Aug 1 on Trade Partners Without Deals

The Trump administration is preparing to reinstate a series of tariffs starting August 1 on imports from countries that have not finalized trade deals with the U.S., with letters notifying trading partners to be sent out beginning Monday. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick confirmed that while a July 9 deadline was previously set, the full implementation of tariffs has been delayed to August 1, allowing additional time for negotiations. President Trump expressed confidence that most countries will have either secured a deal or received notification letters by the mid-July deadline, with several trade agreements already reached, including with the United Kingdom and Vietnam. The tariffs, initially announced on April 2 and paused shortly thereafter, impose a 10% baseline rate with higher reciprocal tariffs on certain nations, and will return to these levels if deals are not made. The administration is targeting around 18 major trading relationships that account for 95% of the U.S. trade deficit but is also sending letters to about 100 smaller countries. Officials emphasize this timing is not a new deadline but a clarification of when tariffs will take effect unless deals accelerate, with several announcements expected soon.