U.S. Commerce Secretary: August 1 is the deadline for countries to begin paying tariffs to the United States, but "negotiations are still possible"

According to a report by Jinse Finance, U.S. Secretary of Commerce Howard Lutnick stated in an interview with CBS News last Sunday that August 1 is the final deadline for countries to begin paying tariffs to the United States, but emphasized that "countries can still continue negotiations with the U.S. after August 1." Lutnick revealed that some smaller nations—Latin American countries, Caribbean countries, and many African countries—"will be subject to a 10% base tariff." This statement may offer some relief to these countries, as former President Trump had previously hinted that their base tariff rates could exceed 10%. However, he also noted, "Larger economies have only two options—either open their markets to the United States or pay a fair tariff." (Jin10)