President Trump announced Monday that his administration will begin sending tariff notification letters to trading partners, creating confusion about the actual implementation date. The letters will outline new tariff rates that were originally set to take effect this week under a 90-day deadline that expires July 9th.
Commerce Secretary Howard Lutnick stepped in to clarify the timeline, stating that while the president is setting rates and finalizing deals now, the actual tariffs won’t take effect until August 1st. This represents a three-week extension from the original deadline, providing additional time for countries to negotiate bilateral agreements.
The European Union has been engaged in intensive weekend negotiations with the US, hoping to reach an agreement before the deadline. EU trade spokesperson Olof Gill expressed optimism about reaching “an agreement in principle” by Wednesday, emphasizing the bloc’s desire to avoid tariffs that could harm both economies.
Meanwhile, Trump threatened additional penalties for BRICS nations after they criticized unilateral tariff measures at their Rio de Janeiro summit. The president warned of an extra 10% levy on any country aligning with what he termed “Anti-American policies,” while China responded by opposing the use of tariffs as coercive tools.
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