Trump and US Commerce Secretary Announce Tariff Delay Until August 1, Causing Confusion
President Trump and Commerce Secretary Howard Lutnick stated that new tariffs will go into effect on August 1, with letters to be sent to trade partners. The uncertainty surrounding the implementation dates has led to confusion in the markets.
Donald Trump announced plans to send letters to US trade partners dictating new tariffs, with uncertainty over the effective date. The president mentioned a combination of letters and deals, with tariffs expected to be in place by July 9. Commerce secretary clarified that tariffs would go into effect on August 1. Stock markets in Asia slipped amid the confusion, with Trump later stating the US would start delivering 'TARIFF Letters, and/or Deals' from 12pm ET on Monday. He also warned of an additional 10% tariff for countries aligning with BRICS policies. Treasury secretary hinted at upcoming trade agreements, while White House Economic Council head suggested flexibility in deadlines.
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