Trump Signals Imminent Trade Deals as Tariff Deadline Pushed to August 1
President Donald Trump said on Sunday that the U.S. is close to finalizing several new trade agreements and will begin notifying countries of increased tariffs by July 9, with the new rates set to take effect on August 1.
Since entering office, Trump’s aggressive trade policies have triggered global economic uncertainty, pushing financial markets into turmoil and prompting countries to negotiate trade terms with the U.S.
Back in April, Trump proposed a baseline 10% tariff on most countries, with additional duties of up to 50%. However, he later granted a three-week extension to most nations, sparing just 10% from the delay.
Speaking to reporters after a weekend in New Jersey, Trump reiterated the August 1 start date for the tariffs but gave little detail about the scope. Commerce Secretary Howard Lutnick later clarified that the increased tariffs would indeed begin in August, and that Trump was currently finalizing both the rates and deal structures.
In a Truth Social post, Trump announced that formal tariff notices would start going out at 12:00 p.m. ET on Monday. In another post, he introduced a new policy targeting nations aligned with the BRICS bloc—Brazil, Russia, India, China, and South Africa—plus new members such as Saudi Arabia, Egypt, and the UAE. These countries would face an automatic 10% additional tariff with no exemptions.
Although Trump has maintained strong relations with some BRICS countries, such as Saudi Arabia and the UAE, the new policy could strain negotiations—especially with India, where talks for a “mini” trade deal are reportedly in the final stages.
At their latest summit, BRICS leaders denounced rising tariffs, condemned violence in Gaza and Iran, and called for reforms to global institutions, fueling further tensions.
On Sunday, U.S. Treasury Secretary Scott Bessent told CNN that several major trade agreements are expected in the coming days, with progress reported in talks with the European Union. He also mentioned that Trump would send tariff notifications to around 100 smaller trading nations where commercial ties are minimal.
“President Trump will be issuing letters to partners saying if there’s no movement, tariff rates will revert to April 2 levels on August 1,” Bessent said. “We expect deals to start rolling in quickly.”
White House economic adviser Kevin Hassett told CBS’s Face the Nation that while deadlines remain firm, countries showing genuine progress could be granted extensions. “There’s room to adjust based on negotiations,” he added.
Stephen Miran, chair of the White House Council of Economic Advisers, echoed that view, saying countries that make meaningful concessions could see their tariff deadlines postponed. “I’m hearing good things about talks with Europe and India,” Miran said.
According to Bessent, the administration is targeting 18 key trading partners that represent 95% of the U.S. trade deficit. Still, he noted that many countries have been slow to finalize deals.
Thailand, hoping to avoid a 36% tariff, has reportedly offered more access to U.S. agricultural and industrial products and pledged to buy more U.S. energy and Boeing jets, according to Finance Minister Pichai Chunhavajira.
In India, local media reported that a final decision on a trade pact could come within 24 to 48 hours. The average tariff on Indian exports to the U.S. is expected to be around 10%.
Hassett also said that recent framework agreements with the UK and Vietnam are being used as models for other deals. Miran praised the Vietnam deal as “fantastic,” highlighting that the U.S. can impose substantial tariffs on Vietnamese exports while enjoying zero tariffs in return.
