Trump announced that some trade agreements have been reached while warning of increased tariffs on countries that have not reached agreements.
The U.S. Department of Commerce confirms that the new tariffs will take effect from August 1, while the U.S. President is finalizing the tax rates and agreements with trade partners.
MAIN CONTENT
Trump announced that several trade agreements have been signed with partners.
The new tariffs of the United States are expected to take effect from August 1, according to the Department of Commerce.
The effective date for the tariffs may be adjusted and is not a final deadline.
What trade agreements has Trump reached with partners?
Information from President Trump indicates that several agreements have been signed, demonstrating high-level trade negotiation experience and clearly marking positive progress in the strategic negotiations of the United States.
On July 7, Trump announced that several trade partners had successfully agreed to adjust existing tariffs, marking significant progress in foreign trade policy amid rising global trade pressures.
What does the U.S. Department of Commerce say about the new tariff increases?
U.S. Secretary of Commerce Lutnick confirms that the higher tariffs will apply from August 1, reflecting the official stance and authority in shaping national trade policy.
Mr. Lutnick stated to the media that the new tax rates have been planned and will officially take effect from the beginning of August after several previous effective dates were postponed to allow for additional negotiation opportunities.
The President is actively working to finalize the tax rates and agreements to protect the interests of U.S. workers and businesses.
John Lutnick, U.S. Secretary of Commerce, July 2024
Why was August 1 chosen as the effective date for the new tariffs?
August 1 is not only the date announced by the U.S. Department of Commerce but also a cautious step in trade strategy to emphasize the priority of negotiations and adjust tax policies based on the results of negotiations.
This decision shows flexibility and high control from the U.S. government, while also creating a 'reservation' period of nearly three weeks for partner countries to have additional time for negotiations before the official tariff increases.
Even if some countries have not reached agreements, the timing of the tariff implementation is not a rigid 'deadline' but a step to increase trade leverage.
Janet Benson, U.S. Secretary of the Treasury, July 2024
How might the imposition of tariffs affect the market and international trade?
The imposition of increased tariffs will certainly put pressure on global supply chains and may increase import costs, requiring businesses and investors to closely monitor policy fluctuations to mitigate risks.
According to economic experts, higher tax rates may impact inflation and commodity prices, while also promoting negotiations of new agreements or adjusting trade scales between countries to maintain strategic benefits.
Comparison table of recent tariffs imposed by the United States
Type of Tax Tax Rate Expected Effective Date Applicable Parties Basic Tax 10% Started from April 2024 Most countries Additional Tax Up to 50% Expected on 1/8/2024 (previously postponed to 9/7) Partners with no agreement
Frequently Asked Questions
How will the new tariffs of the United States affect Vietnamese businesses? Increased tariffs may raise import and export costs, requiring Vietnamese businesses to adjust their supply and market strategies based on in-depth analysis. Will the tariffs be renegotiated or extended? According to trade experts, the tax rates will be flexibly adjusted depending on the results of negotiations between the parties in the near future. Is August 1 a deadline for reaching agreements? U.S. officials affirm this is not a final deadline but only a tariff implementation milestone, opening up opportunities for further negotiations. How significant is the additional tax rate? An additional tax of up to 50% places greater pressure on import costs and encourages countries to intensify negotiations to avoid economic damage. Who is responsible for deciding these tax rates? The U.S. Department of Commerce and the Department of the Treasury coordinate to make decisions based on trade strategy and national policy.
Source: https://tintucbitcoin.com/my-ap-thue-moi-tu-1-8-trump-dam-phan/
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