Trump 'is setting the rates and the deals right now,' says Howard Lutnick
US Commerce Secretary Howard Lutnick said Sunday that higher tariff rates would take effect on Aug. 1 if trading partners do not strike deals with Washington.
"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 9th or on Aug. 1st.
"I think we'll have most countries done by July 9th. 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.
"We're going to be sending letters out on Monday having to do with the trade deals...It could be as many as 15 or so...and some will go out on Tuesday and Wednesday — and we've made deals also."
"So we'll get to have a combination of letters, and some deals have been made," Trump told reporters.
