FX.co ★ Trump's Tariffs Will Take Effect on August 1: Lutnick Says

U.S. Commerce Secretary Howard Lutnick announced that increased tariffs will be implemented starting August 1. He also mentioned that President Donald Trump is currently "determining the rates and negotiations." During a discussion with reporters on Sunday, both Trump and Lutnick were asked to confirm the schedule for the new tariffs. "The tariffs will be effective from August 1," Lutnick confirmed. President Trump further explained that trade agreements have already been established with key partners and that official notifications will be sent to other nations regarding the higher tariff rates. Previously, Treasury Secretary Scott Bessent informed CNN that should no trade agreement be finalized with the U.S. by August 1, tariffs would return to their April 2 levels. The initial 90-day leniency period on the April "reciprocal" tariffs for numerous U.S. trading partners is due to end on Tuesday. Additionally, another deadline looms for concluding a deal with the European Union; should an agreement not be reached, EU products could face duties of up to 50%, effective Wednesday.