Trump delays tariffs until August but announces new rates for some nations

U.S. President Donald Trump has postponed the implementation of his reciprocal tariff plan from July 9 to August 1, following a 90-day pause, according to official announcements. The move comes amid ongoing negotiations with several countries and prior agreements with some partners.

Trump stated on his Truth Social account that "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!"

This announcement coincided with the 17th BRICS summit held in Rio de Janeiro, where leaders from Brazil, Russia, India, China, South Africa, and expansion members discussed issues including global trade restrictions. BRICS recently expanded to 11 countries representing almost half of the world's population and nearly 40% of GDP.

BRICS leaders issued a statement warning that "the proliferation of trade-restrictive measures, whether in the form of indiscriminate tariff increases and non-tariff measures or in the form of protectionism under the pretext of environmental objectives, threatens to further reduce global trade," without directly referencing the U.S.

Since the pause, the U.S. government has engaged in diplomatic efforts to reach agreements with several nations. On July 6, Trump told the press he had signed around a dozen letters informing countries of the upcoming tariffs, with most expected to be ready by July 9. Commerce Secretary Howard Lutnick confirmed that tariffs would begin on August 1, with rates still being negotiated.

Trump indicated plans to start sending "tariff letters" this week to inform countries of the new tariffs, which could range from 10% to 70% if no agreements are reached. Treasury Secretary Scott Bessent clarified that August 1 is not a final deadline, stating, “what we are saying is that if they want to hurry up and agree, great; and if they want to go back to the previous [April 2] rates, that will be their decision.” Bessent also indicated there would be “lots of news in the next 72 hours.”

Provisional agreements have been reached with the United Kingdom (maintaining a 10% tariff), Vietnam (20%), and China (reduction to 30%), with negotiations ongoing with the European Union, Canada, India, Japan, and South Korea.