Trump announces imposition of new tariffs since August 1

As US President Donald Trump announced, new increased import tariffs will take effect on August 1. Countries failing to reach an agreement with the United States until this date will face sharp duty hikes. Other nations will be notified about the tariff increases from July 9, Reuters reported.

Commerce Secretary Howard Lutnick said final tariff levels are still being negotiated, but the implementation mechanism is already prepared. Countries engaged in active talks may receive customized solutions. This approach aims to accelerate trade deal completions and reduce the US trade deficit.

Markets were particularly interested in Trump’s announcement of additional 10% duties for BRICS members. However, some of these nations like Saudi Arabia and the UAE maintain close economic ties with the US, adding uncertainty to trade talks, Reuters emphasized.

According to the news agency, Trump hopes to accelerate trade deal completion by leveraging the tariff threat. Treasury Secretary Scott Bessent noted the US is actively negotiating with 18 key partners, accounting for 95% of America's trade deficit.