U.S. President Donald Trump said Sunday the U.S. is closing in on several new trade agreements, while confirming that new tariff rates will take effect on August 1, with formal partner notifications beginning by July 9.
The update gives countries a three-week grace period to finalize trade deals, as the administration pushes forward with its broader realignment of U.S. trade policy.
Treasury Secretary Scott Bessent, speaking on CNN’s State of the Union, said the U.S. will send letters to approximately 100 smaller trading partners. Nations failing to reach final agreements by August 1 would face tariffs reverting to the steep levels first outlined on April 2—a base 10% duty on most imports, with additional levies of up to 50%.
Commerce Secretary Howard Lutnick confirmed the timeline and emphasized that the rate hikes will begin in full on August 1, once letters are dispatched.
Agreements have been finalized with both the United Kingdom and Vietnam, while partial progress has been made in negotiations with China. Talks with major trading blocs like the European Union and India are ongoing, but no final agreements have been announced yet.
Kevin Hassett, Director of the White House National Economic Council, hinted at possible extensions, saying on CBS’s Face the Nation:
“There are deadlines, and there are things that are close, and so maybe things will push back past the deadline.”
Still, Hassett added that the final call rests with the president, keeping markets alert for last-minute changes.
The evolving trade policy landscape has had significant impacts on:
Currency markets, particularly Asian currencies sensitive to tariff exposure
U.S. stock futures, which dipped slightly in pre-market trading as uncertainty builds
Safe haven assets like gold, which have seen mixed movement as investors weigh economic implications
Stay updated on how these trade shifts affect your investments:
🔹 Market Most Active API – Tracks the most impacted stocks by trade policy volatility
🔹 Economics Calendar API – Monitor key policy dates like the July 9 and August 1 deadlines
As the U.S. prepares to implement broad tariff increases, trade partners now face a ticking clock. Whether upcoming weeks bring more deals—or more disruption—will hinge on rapid diplomatic negotiations and Trump’s final decisions.
Markets are bracing for impact.
