Trump announces several trade agreements have been reached, while warning of tariff increases for countries that have not reached agreements.
The US Department of Commerce confirmed that new tariffs will take effect from August 1st, while the US President is finalizing tariffs and agreements with trade partners.
- Trump stated that some trade agreements have been signed with partners.
- New US tariffs are expected to take effect from August 1st, according to the Department of Commerce.
- The tariff application date may be adjusted and is not a final deadline.
What trade agreements has Trump reached with partners?
Information from President Trump indicates that several agreements have been signed, demonstrating high-level trade negotiation experience and clearly identifying positive progress in the US strategic negotiations.
On July 7th, Trump reported that some trade partners have successfully agreed to adjust current tariff levels, marking an important breakthrough in foreign trade policy amid rising global trade pressure.
What does the US Department of Commerce say about new tariff increases?
US Secretary of Commerce Lutnick confirmed that higher tariff levels will be applied from August 1st, reflecting the official stance and authority in shaping national trade policy.
Mr. Lutnick told the media that new tariff levels have been planned and will officially take effect from early August after previous tariff application dates were postponed to create opportunities for further negotiations.
The President is working actively to finalize tariffs and agreements to protect the interests of US workers and businesses.
John Lutnick, US Secretary of Commerce, July 2024
Why was August 1st chosen as the date for new tariff application?
August 1st is not just the day the US Department of Commerce announces but also a careful step in the trade strategy to emphasize negotiation priority and adjust tax policies based on negotiation results.
This decision shows high flexibility and control from the US government, while creating a "reserved" period of nearly three weeks for partner countries to have more time to negotiate before tariffs officially increase.
Even if some countries have not reached an agreement, the tariff application time is not a rigid "deadline" but a step to increase trade leverage.
Janet Benson, US Secretary of the Treasury, July 2024
How might tariff application affect international markets and trade?
Increasing tariffs will certainly put pressure on the global supply chain and may increase import costs, requiring businesses and investors to closely monitor policy changes to minimize risks.
According to economic experts, higher tariff levels could impact inflation and commodity prices, while also promoting negotiations for new agreements or adjusting trade scales between countries to maintain strategic interests.
Comparison Table of Recent US Tariff Levels
| Tariff Type | Tariff Rate | Expected Application Date | Applicable Targets |
|---|---|---|---|
| Basic Tariff | 10% | Already started from April 2024 | Most countries |
| Additional Tariff | Up to 50% | Expected August 1st, 2024 (previously postponed to July 9th) | Partners who have not reached agreements |
Frequently Asked Questions
- How will new US tariffs affect Vietnamese businesses?
- Increased tariffs may raise import and export costs, requiring Vietnamese businesses to adjust supply and market strategies based on in-depth analysis.
- Will tariffs be renegotiated or extended?
- According to trade experts, tariff levels will be flexibly adjusted based on negotiation results between parties in the coming period.
- Is August 1st a deadline for reaching agreements?
- US officials confirm this is not a final deadline but a tariff application point, opening opportunities for further negotiations.
- How significant will the additional tariffs be?
- Additional tariffs of up to 50% will create greater pressure on import costs and encourage countries to accelerate negotiations to avoid economic damage.
- Who is responsible for deciding these tariff levels?
- The US Department of Commerce and Treasury collaborate to decide, based on trade strategy and national policy.
