Commerce Secretary Clarifies Tariff Timeline as Trump Administration Extends Deadline

Commerce Secretary Howard Lutnick moved quickly to clarify the administration’s tariff timeline Monday after President Trump’s initial comments created confusion about implementation dates. The secretary confirmed that new tariffs would take effect August 1st, providing a three-week extension from the original July 9th deadline.
The extended timeline allows the administration to complete ongoing negotiations with key trading partners while preparing notification letters for countries that haven’t reached agreements. Trump indicated that approximately 12-15 letters would be sent, though the exact number depends on successful bilateral negotiations.
European Union negotiators have been working intensively to secure a comprehensive trade deal, with particular focus on automotive and steel tariffs. The EU’s current 29.5% automotive tariff has been a major sticking point, with European officials seeking immediate relief as part of any broader agreement.
Asian markets reflected investor uncertainty about the tariff timeline, with Japanese and South Korean stocks declining. Industrial metals prices also fell, with copper and aluminum showing significant drops as traders assessed the potential impact of delayed but still looming tariff increases on global trade flows.