The US Commerce Secretary: It has been confirmed that there will be no grace period for imposing tariffs starting from August 1

U.S. Commerce Secretary Nick Lutnik said that the August 1 tariff negotiation deadline set by the United States for its trading partners has been determined and will not be extended.

AFP reported that Lutnik said in an interview with Fox News on Sunday (July 27) that the date for imposing tariffs on trading partners on August 1 has been set and will not be extended or there will be a grace period. "At that time, the tariffs will officially come into effect, the customs will start collecting money, and everything will begin." " Lutnik indicated that after the tariff measures took effect, US President Trump was still willing to continue negotiations.

Trump is currently visiting Scotland and plans to meet with European Commission President Ursula von der Leyen on Sunday local time. When talking about Europe, Lutnik said, "You know they want to reach an agreement, and it depends on President Trump. He is the leader at this negotiating table." The table was set by us.

So far, five countries have reached trade agreements with the Trump administration by August 1, namely the United Kingdom, Vietnam, Indonesia, the Philippines and Japan.

The tariff rates accepted by these countries are generally higher than the 10% benchmark rate set by the United States for most countries since April, but far lower than the tariff levels that might be faced if the negotiations break down.