Trump confirms August 1 deadline for countries to reach trade deals or face tariff increases
President Donald Trump and Secretary of Commerce Howard Lutnick confirmed Sunday that if countries do not strike a trade deal with the U.S. by August 1, they will revert to levels set in April.
Trump and Lutnick spoke with reporters before departing Bedminster, New Jersey on Sunday evening, when they were asked several questions regarding tariffs and trade deals.
Trump told one reporter his administration could be sending 12 to 15 letters out to different countries on Monday, though some could go out as late as Tuesday or Wednesday.
In a late Sunday night Truth Social post, Trump said the letters would start going out on Monday at noon.
TARIFFS WILL REVERT TO APRIL LEVELS IF COUNTRIES DON'T MAKE A DEAL BY AUGUST 1, BESSENT SAYS
"I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th," Trump wrote. Thank you for your attention to this matter!"
Earlier Sunday, Trump also confirmed that his administration has made some trade deals, so what may be sent out is a combination of letters and trade agreements.
When asked if the tariff rates will change on July 9 or August 1, Trump said, "They’re going to be tariffs. The tariffs are going to be tariffs."
"I think we’ll have most countries done by July 9…either a letter or a deal," he added.
Lutnick also chimed in, telling the reporter the tariffs will go into effect on Aug. 1, and that Trump is currently setting the rates and making the deals.
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"The president is right in the midst of discussing all sorts of deals with all sorts of countries," Lutnick said. "And the gentleman to my right is going to decide, and I'm going to be with him when he makes that decision."
Earlier in the day, Treasury Secretary Scott Bessent told "Fox News Sunday" host Shannon Bream that several deals are in the "home stretch," and that levels will revert to what they were set to in April if countries do not strike a deal with the U.S.
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"Is it fair to say there's a bit of a pause on the July 9th deadline for some of these trading partners?" Bream asked.
"I don't think it's a bit of a pause because I think what's happened is there's a lot of congestion going into the home stretch and, as a part of the trade team, what's great about having President Trump on our side is he's created maximum leverage," Bessent said.
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"By telling our trading partners that they could boomerang back to the April 2nd date, I think it's really going to move things along over the next couple of days and weeks," he added.
FOX Business’ Anders Hagstrom contributed to this report.