Washington: US Commerce Secretary Howard Lutnick announced on Sunday that higher tariff rates will be enforced starting August 1, as reported by Anadolu Ajansi (AA). Lutnick, speaking alongside President Donald Trump, emphasized the immediacy of the tariff implementation process.

According to BERNAMA News Agency, Lutnick stated, “They go into effect Aug 1, but the president is setting the rates and the deals right now.” This announcement follows the US’s imposition of reciprocal tariffs in April, which were temporarily suspended for 90 days from April 9.

As the deadline approaches, ongoing negotiations are being conducted with various nations seeking favorable trade agreements with the United States. When questioned about the potential for changes to the tariff rates on July 9 or August 1, Trump confirmed, “They’re going to be tariffs,” indicating that the new rates will remain as planned.

President Trump further assured, “I think we’ll have most countries done by July 9. Yeah. Either a letter or a deal,” suggesting that formal communications or agreements will be finalized with numerous countries before the new tariffs take effect.

Last week, Trump indicated his intention to send letters to various countries, detailing their specific tariff rates to clarify the upcoming changes.