August 1 is hard deadline Trump tariffs

Commerce Secretary Sets August 1 Deadline for Tariffs

Commerce Secretary Howard Lutnick announced on Sunday that August 1 is the deadline for countries to start paying tariffs to the United States. However, he mentioned that countries can still engage in discussions with the U.S. after the deadline.

Lutnick emphasized, “That’s a hard deadline, so on August 1, the new tariff rates will come in.” He made these remarks during an interview on CBS News regarding the tariff deadline for the European Union.

President Donald Trump’s tariff deadline has seen some changes since its initial announcement on April 2. White House officials have now confirmed August 1 as the final deadline for tariffs to be imposed.

Lutnick reassured that countries can continue negotiations with the U.S. post-August 1, but they will start paying the tariffs from that date onwards.

Baseline Tariff for Small Countries

Lutnick mentioned that smaller countries, particularly in Latin America, the Caribbean, and Africa, would face a baseline tariff of 10%. This statement brings relief to nations awaiting clarity on tariff rates from President Trump.

Trump had previously hinted at baseline tariff rates exceeding 10% for these nations. He recently announced plans to set a uniform tariff for smaller countries, likely to be slightly over 10%.

Additionally, Lutnick highlighted that larger economies would need to open up or pay a fair tariff to the U.S.

These developments follow Trump’s issuance of letters to trading partners outlining new tariff rates, some reaching as high as 40% for certain nations. The letters, shared on Trump’s Truth Social platform, stated that tariffs would be implemented on August 1, prompting last-minute negotiations from partners seeking lower rates.