US Treasury Secretary Scott Besant confirmed today that new tariffs will take effect starting August 1 if Washington’s trading partners do not make deals with the US sooner. He warned, “These tariffs could reach up to 50%.”
Previously, the US had set July 9 as the date for enforcing the tariffs. However, President Donald Trump on Friday moved the date to August 1. He said, “The affected countries will begin paying these tariffs starting August 1st,” without revealing any further details.