U.S. President Donald Trump on Sunday said some trade deals had been made with trading partners and letters would go out to other countries notifying them of higher tariff rates.
Commerce Secretary Howard Lutnick told reporters that the higher tariffs would take effect on August 1, but Trump was "setting the rates and the deals right now."
Trump in April announced a 10% base tariff rate on most countries and higher additional rates ranging up to 50%, although he later delayed the effective date for all but 10% until July 9. Lutnick's comments indicate a three-week reprieve.
