Trump says more tariff letters coming; tariffs to take effect August 1

• Trump said on Sunday that some trade deals have already been reached
• 12 to 15 letters may be sent on Monday to other countries warning them of upcoming higher tariff rates

Commerce Secretary Howard Lutnick confirmed the new tariffs will take effect on August 1, adding that Trump is currently finalising the specific rates and agreements.

Previously, Trump had announced a base 10% tariff in April—with some rates going as high as 50%—but delayed most of the increases until July 9. Lutnick’s update suggests an additional three-week extension.

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Earlier:

• US’ Bessent warns of tariff hike if no trade deals reached by August 1

This article was written by Eamonn Sheridan at www.forexlive.com.

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