Trump administration delays new tariffs until 1st August 

President Donald Trump announced on Sunday that new tariff rates, which were previously set to take effect on July 9th, will now be delayed until August 1st. 

This decision provides countries with an additional three-week reprieve as the United States works to finalize various trade agreements. The announcement, made as the previously declared 90-day pause on tariffs was nearing its end, aims to allow more time for negotiations and the formalization of new trade deals or notifications of revised tariff rates.
During his statement, President Trump indicated that the US is close to completing several trade agreements. He mentioned that other nations would be informed of the higher tariff rates by July 9th, with these new rates impacting goods sold to American consumers. When pressed for specifics on the new rates, Trump vaguely suggested they "could be 12, maybe 15" percent, adding, "we've made deals also, so we're going to have a combination of letters and some deals have been made."
The initial exchange with reporters, as reported by The Guardian, revealed some uncertainty regarding the precise effective date. When asked if the new rates would be imposed this week or on August 1st, Trump, stating, "No, they're going to be tariffs, the tariffs, the tariffs are going to be, the tariffs... I think we'll have most countries done by July 9, yeah. Either a letter or a deal."
Recognizing the confusion, Commerce Secretary Howard Lutnick intervened to clarify the situation. He confirmed, "But they go into effect on August 1. Tariffs go into effect August 1, but the president is setting the rates and the deals right now."
In April, President Trump had announced a baseline 10% tariff rate for most countries, with additional duties potentially reaching up to 50%. However, the effective date for all but the initial 10% was subsequently postponed until July 9th. The new August 1st implementation date, while offering a short-term relief, also prolongs a period of uncertainty for importers who must navigate fluctuating trade policies.
Adding to the context, Treasury Secretary Scott Bessent had earlier informed CNN that several significant trade agreements were expected to be announced in the coming days. He specifically highlighted positive progress in discussions with the European Union. Bessent also noted that the Trump administration plans to send letters to approximately 100 smaller countries with whom the US conducts less trade. These letters will notify them of higher tariff rates that were initially outlined on April 2nd and then suspended until July 9th.