How Will the Tariff Delay Affect Negotiations? 

This decision stems from the need to grant additional time during the negotiation process with US trade partners. The Secretary emphasized that if no agreement is reached during this period, tariffs will revert to their previous rates. 

Meanwhile, President Donald Trump announced that official notifications regarding high tariffs will be sent on July 9. Trump said tariffs would take effect on August 1, highlighting that this is a “final chance” for some countries. He also announced a new 10% tariff decision targeting BRICS countries. Trade Secretary Howard Lutnick confirmed the tariffs would be implemented on August 1 and noted that Trump is currently “setting tariff rates and agreement terms.” This statement indicates active management of the process by the US administration. 

This shift in trade policy demonstrates the US’s intent to act on mutual benefit principles. Bessent’s statement clearly shows the US is seeking consensus with its trade partners. Additionally, the delay increases the likelihood of reaching agreements, thus minimizing potential negative impacts of trade wars. 

What Will Happen to Tariffs from August Onward? 

Treasury Secretary Scott Bessent’s announcement marks a critical turning point in tariff negotiations. He stated that if no agreement is reached, tariffs will return to previous higher rates starting August 1. This declaration clarifies the US’s firm stance on concessions. 

The Secretary also noted that this delay will pave the way for mutual respect and understanding in trade relations between countries. During this time, the US will act considering the demands of the business community and its trade partners. 

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