Trump Announces New Tariff Deals Amid Global Trade Tensions
President Donald Trump announced that new trade deals have been brokered with some countries, while others will be notified of increased tariffs. Commerce Secretary Lutnick confirmed that the higher tariffs will start on August 1. This move follows plans to set variable rates up to 50% announced in April.
President Donald Trump revealed on Sunday that the U.S. has secured new trade agreements with several countries, while preparing to inform others about imminent higher tariff rates. This announcement marks a significant step in international trade relations.
Commerce Secretary Howard Lutnick clarified details to the press, stating that the increased tariffs are scheduled to take effect on August 1. Meanwhile, Trump is actively determining the specifics of the rates and agreements that will impact global commerce.
In April, Trump had declared a baseline 10% tariff on most countries with possibilities of further increases up to 50%. However, he had postponed the enforcement to give room for negotiations, providing most countries except those under 10% rates, a reprieve until July 9.
(With inputs from agencies.)
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