US Treasury Secretary: Tariffs Will Take Effect on August 1 if Trade Partners Fail to Reach an Agreement
AFP, Washington, 6th - US Treasury Secretary Biden said today that if the US trade partners fail to reach an agreement with the administration, the new tariff measures will take effect on August 1.
Biden told CNN that the tariffs will "revert" to the high tariff rates set when President Trump announced the reciprocal tariff plan on April 2nd in US time.
After Trump announced the reciprocal tariff plan, he also announced a 90-day grace period during which only a 10% base tariff would be implemented, allowing the US to conduct trade negotiations with various countries and setting July 9th as the deadline for reaching a trade agreement.
Trump said yesterday that he had signed letters to be sent to 12 countries, outlining different tariff rates that products exported to the US would face. The letters are scheduled to be sent out on July 7th, but he did not specify which 12 countries they are.
Original: https://www.toutiao.com/article/1836917560530056/
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