From the speeches of Trump, Bessent, and Lutnik, we can see the subsequent process of tariff trade negotiations: 1. Starting tonight, tariff letters will be sent out gradually to various countries. The letters should mainly target countries that are still negotiating without results or have a particularly tough stance, requesting these countries to accept the terms proposed by the United States. As for countries that have already reached agreements, preliminary agreements, and China (which is on another negotiation track), they will not receive letters.

2. From the statements of Bessent and Lutnik, it is evident that for those countries that have not reached agreements or have a tough stance, the tariff rates will revert to the levels of April 2 on August 1, which is a 10% base rate + additional surcharges on the billboard + tariffs on certain industries.

3. Is August 1 a new deadline? Although Bessent denies it, in essence, it is. As long as these countries that receive letters actively communicate and negotiate in the coming month, proposing more favorable terms or making some concessions to the U.S., the likelihood of reaching an agreement before August 1 is very high, and at that time, the threat of letters will be conveniently lifted. TACO will do it again.