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Higher Tariffs Set to Take Effect Aug. 1, Officials Say
The announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.
With the pause on so-called reciprocal tariffs set to expire Wednesday, administration officials said over the weekend that countries will now have until Aug. 1 to make deals with the United States.
Washington, D.C.—Countries will have a few more weeks to negotiate tariff rates with the Trump administration, with potentially higher taxes on myriad imports now set to take effect Aug. 1.
The announcement, made by President Donald Trump and White House officials over the weekend, comes just a few days ahead of the July 9 deadline set back in April, when the president announced he would pause the implementation of “reciprocal” tariffs for 90 days to allow for negotiations.
Asked about the looming deadline during an interview on CNN’s “State of the Union” Sunday morning, U.S. Secretary of the Treasury Scott Bessent said the president will be sending letters to some of the U.S.’s trading partners this week informing them that if new deals are not reached by Aug. 1, the tax on imports from their country will “boomerang” back to the level announced in April.
Trump also mentioned the letters in a statement posted Sunday evening on social media platform Truth Social, writing, “I am pleased to announce that the United States tariff letters, and/or deals, with various countries from around the world, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter!”
The announcement of higher tariffs, made by Trump on April 2 and originally set to go into effect April 9, imposed significantly higher tax rates on imports from nearly 60 countries, including many nations that are key links in the jewelry supply chain—China (originally 34 percent), India (26 percent), Vietnam (46 percent), Thailand (36 percent), and Switzerland (31 percent) among them.
It also included a 10 percent across-the-board tax on all goods imported into the U.S., even for countries not hit with a “reciprocal” tariff rate.
That 10 percent remains in effect for all countries, including those for which higher tariffs were paused, and it is assessed in addition to any existing duties.
Trump’s April 2 announcement escalated tensions between the U.S. and China, though the two nations reached a deal in mid-May that significantly reduced the tax on goods from China imported into the U.S. for 90 days.
Related stories will be right here …
The announcement, made by President Donald Trump and White House officials over the weekend, comes just a few days ahead of the July 9 deadline set back in April, when the president announced he would pause the implementation of “reciprocal” tariffs for 90 days to allow for negotiations.
Asked about the looming deadline during an interview on CNN’s “State of the Union” Sunday morning, U.S. Secretary of the Treasury Scott Bessent said the president will be sending letters to some of the U.S.’s trading partners this week informing them that if new deals are not reached by Aug. 1, the tax on imports from their country will “boomerang” back to the level announced in April.
Trump also mentioned the letters in a statement posted Sunday evening on social media platform Truth Social, writing, “I am pleased to announce that the United States tariff letters, and/or deals, with various countries from around the world, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter!”
The announcement of higher tariffs, made by Trump on April 2 and originally set to go into effect April 9, imposed significantly higher tax rates on imports from nearly 60 countries, including many nations that are key links in the jewelry supply chain—China (originally 34 percent), India (26 percent), Vietnam (46 percent), Thailand (36 percent), and Switzerland (31 percent) among them.
It also included a 10 percent across-the-board tax on all goods imported into the U.S., even for countries not hit with a “reciprocal” tariff rate.
That 10 percent remains in effect for all countries, including those for which higher tariffs were paused, and it is assessed in addition to any existing duties.
Trump’s April 2 announcement escalated tensions between the U.S. and China, though the two nations reached a deal in mid-May that significantly reduced the tax on goods from China imported into the U.S. for 90 days.
After Trump announced the three-month pause on higher tariffs, administration officials said they expected to see “90 deals in 90 days,” though as of press time, only two deals officially have been announced.
In mid-June, the United Kingdom and the U.S. reached a trade deal lowering tariffs on some imports from the U.K.
The U.S. also reached a deal with Vietnam, lowering the import tax for goods produced in that country to 20 percent from 46 percent, though goods believed to be made in another country and then shipped through Vietnam will be taxed at 40 percent.
On CNN Sunday, Bessent said he expected the letters to spur more countries into action.
“I think we are going to see a lot of deals very quickly,” he said.
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