President Donald Trump announced that new US tariff rates on foreign goods will be officially implemented from August 1, extending the 90-day pause originally set to expire on July 9. Countries will be informed of their specific rates by that date.
Speaking to reporters, Trump said several trade deals are nearing finalization, while others will receive formal notification letters. “It could be 12, maybe 15 countries,” he stated, referencing ongoing negotiations.
Commerce Secretary Howard Lutnick clarified that while tariff rates are being finalized now, implementation is delayed until August 1 to allow trade partners time to respond or reach agreements.
The new tariff structure will include a base rate of 10%, with additional duties that could reach up to 50% depending on the country and product. Treasury Secretary Scott Bessent also signaled that several major announcements are expected soon, noting progress in talks with the European Union. Meanwhile, 100 smaller nations will receive letters notifying them of the upcoming tariff hikes, originally proposed on April 2 and temporarily suspended. The delay gives exporters a brief reprieve but prolongs uncertainty in global trade.
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