Trump Says U.S. Nearing Multiple Trade Deals as Tariff Deadline Extended to August 1
President Donald Trump said Sunday that the U.S. is close to finalizing several trade agreements and plans to notify countries of increased tariff rates by July 9, with the new tariffs set to take effect on August 1.
Since entering office, Trump has escalated trade tensions globally, sparking market volatility and prompting countries to rush into negotiations with the U.S. or seek alternative strategies to safeguard their economies.
In April, Trump introduced a baseline 10% tariff for most nations, with some facing additional duties of up to 50%. He later granted a three-week grace period, pushing the deadline for all but 10% of targeted countries to this Wednesday.
Speaking to reporters before departing New Jersey for Washington, Trump reiterated the August 1 implementation date but did not clarify whether all tariff hikes would begin then. Commerce Secretary Howard Lutnick later confirmed the August 1 activation, stating Trump was currently finalizing both the tariff rates and accompanying trade deals.
Trump announced on his Truth Social platform that formal tariff notifications—commonly known as “tariff letters”—would begin going out to affected countries at 12:00 p.m. ET on Monday.
In a separate message, he introduced a new tariff policy targeting nations aligned with BRICS—a bloc of developing economies originally consisting of Brazil, Russia, India, China, and South Africa, and more recently expanded to include countries like Egypt, Saudi Arabia, Iran, and Indonesia. These nations would face an extra 10% tariff, with no exemptions.
Despite Trump’s often cooperative ties with leaders of some BRICS nations, such as Saudi Arabia and the UAE, the group issued a joint statement Sunday condemning recent violence in Gaza and Iran, advocating for reforms in global governance, and warning that rising tariffs threaten international trade.
It remains uncertain how Trump’s new tariff proposal might impact ongoing negotiations with BRICS members like India and Indonesia.
Earlier on Sunday, U.S. Treasury Secretary Scott Bessent told CNN that the administration expects to announce several major trade deals in the coming days. He noted encouraging progress with the European Union and said Trump would also send tariff notifications to roughly 100 smaller trading partners.
“President Trump will be warning our partners that unless things move forward, tariffs could return to April 2 levels on August 1,” Bessent said. “We expect a flurry of deals soon.”
White House National Economic Council Director Kevin Hassett said on CBS’s Face the Nation that there could be flexibility for countries actively engaged in negotiations.
“There are deadlines, but some deals are close enough that they could be pushed beyond the cutoff—ultimately, it’s Trump’s call,” Hassett said.
‘Good Momentum’ in Talks with Key Partners
Stephen Miran, chairman of the Council of Economic Advisers, echoed that sentiment on ABC’s This Week, saying concessions are needed for countries to qualify for lower tariff rates.
“I’m hearing positive updates on discussions with both Europe and India,” Miran said, suggesting that countries making good-faith efforts may be granted more time.
Bessent said the administration is zeroing in on 18 key trade partners that make up 95% of the U.S. trade deficit, though he criticized many for dragging their feet in negotiations.
Thailand, seeking to avoid a 36% tariff, has reportedly offered expanded access to its markets for U.S. agriculture, energy, and industrial exports, including aircraft from Boeing, according to Finance Minister Pichai Chunhavajira.
Indian media reported Sunday that Washington and New Delhi are nearing a “mini” trade deal, possibly within 24 to 48 hours, with an average tariff rate of 10% on Indian goods entering the U.S.
Hassett said framework agreements already reached with the UK and Vietnam could serve as templates for future deals. Miran praised the Vietnam deal as a major U.S. win.
“It’s heavily tilted in our favor,” he said. “We get to impose significant tariffs on Vietnamese exports while they drop theirs to zero on U.S. goods.”
