U.S. Secretary of Commerce: August 1 is the deadline for countries to start paying tariffs to the U.S., but 'negotiations are still possible'

BlockBeats news, on July 21, U.S. Secretary of Commerce Howard Lutnick stated in an interview with CBS News last Sunday that August 1 is the deadline for countries to start paying tariffs to the U.S., but emphasized that 'countries can continue to negotiate with the U.S. after August 1.'

Lutnick revealed that some small countries—Latin American countries, Caribbean countries, and many African countries 'will be subject to a baseline tariff of 10%.' This statement may provide some relief to these countries, as Trump previously hinted that the baseline tax rate for them could exceed 10%. However, he also stated that 'larger economies have two choices—either open their markets to the U.S. or pay fair tariffs.' (Goldman Ten)