United States (U.S.) Secretary of the Treasury Scott Bessent announced yesterday that drastically increased U.S. customs tariffs will come into effect on August 1st.
They were announced at the beginning of April, and then temporarily suspended while negotiations with other countries were ongoing.
Only those countries that reach agreements with the U.S. in the coming days will be exempt from this.
The previously mentioned date for the introduction of these “punitive tariffs for countries that profit from trade with the U.S.” was July 9th, but President Donald Trump said on Friday, without details, that the countries in question will start paying on August 1st.
These customs tariffs could reach up to 50% of the value of goods and services exported to the U.S. for some countries.
