According to BlockBeats, Trump stated on Sunday that he has reached some trade agreements with trading partners and will notify other countries in a letter that tariff rates will be increased. U.S. Commerce Secretary Ross told reporters that higher tariffs will take effect on August 1, but Trump is 'currently formulating the rates and agreements.'
In April of this year, Trump announced a 10% basic tariff on most countries, as well as additional tariffs of up to 50%. However, he later postponed the effective date of tariffs for all countries to July 9 (except for the 10% tariff). Ross's comments hinted at a three-week 'stay of execution' for tariffs. U.S. Treasury Secretary Mnuchin had previously made similar remarks, stating that countries without an agreement would face tariffs starting August 1, but denied that this date was a 'new deadline.'