U.S. Commerce Secretary says tariffs to take effect on Aug 1

WASHINGTON: US Commerce Secretary Howard Lutnick said on Sunday that higher tariff rates would take effect on Aug 1, Anadolu Ajansi (AA) reported.

"They go into effect Aug 1, but the president is setting the rates and the deals right now," Lutnick told reporters along with President Donald Trump.

In April, the US imposed reciprocal tariffs on most countries but then suspended them for 90 days starting April 9.

Various tariff negotiations are ongoing as countries seek better trade deals with the world's biggest economy as the deadline nears.

"They're going to be tariffs," Trump said when asked by a reporter whether the tariff rates will change on July 9 or on Aug 1.

"I think we'll have most countries done by July 9. Yeah. Either a letter or a deal," he added.

Last week, Trump said he would send letters to various countries outlining their specific tariff rates.

-- BERNAMA