Tariff Deadline Approaching for Trump: Determining and Implementing New Tax Rates
The US Commerce Secretary, Howard Lutnick, has confirmed that the 9th of July still stands as a deadline for negotiations regarding the tariffs being imposed by the United States government. This deadline comes after a 90-day pause on the implementation of tariffs, which was put in place to allow for trade talks.
President Trump has been the driving force behind these tariffs, and he has made it clear that tariffs will go into effect on the 1st of August. However, the exact rates and deals will be determined by the president himself.
One of the key factors influencing these tariffs is the president's stance against countries aligned with the BRICS international organisation. In a recent statement, President Trump threatened to impose an additional 10% tariff for any country that aligns with the anti-American policies of BRICS, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.
Despite these threats, individual deals have been made with the UK, China, and Vietnam. The tariff timeline for other countries will be updated as more information becomes available.
On the 1st of August last year, President Trump carried out the implementation of tariffs through an Executive Order, even though negotiations over the tariff specifics were not yet completed. This was part of a pattern of imposing tariffs through presidential authority before final agreements were reached.
President Trump has also stated that most countries will have either a letter or a deal by the 9th of July. He has been actively engaged in trade talks since the tariff pause was implemented and is expected to send letters or make deals with countries this week.
It's important to note that there will be no exceptions to the additional tariff policy for countries aligning with the anti-American policies of BRICS. The effective date for US President Donald Trump's 'Liberation Day' tariffs has been extended from the 9th of July to the 1st of August.
As negotiations continue, the outcome of these tariffs and their impact on international trade remains to be seen.
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