Deadline for Trump tariffs: Determining tariff rates and implementation schedule

US President Donald Trump has set a deadline for negotiations regarding the tariffs on BRICS countries, with the deadline being July 9, as stated by US Commerce Secretary Howard Lutnick. If no deal is reached, Trump has announced that a 10% tariff increase will take effect on August 1.

Trump has expressed optimism that most countries will either have a letter or a deal with the US by July 9, as previously indicated. The president is currently setting the rates and the deals for these tariffs, as stated by Lutnick.

The tariffs on individual countries, which were originally announced on April 2, have been paused for 90 days. During this pause, trade talks between the US and various nations have been ongoing. The US president imposed a global 10% tariff on almost all countries during the pause, with exceptions for the UK, China, and Vietnam.

Trump has made individual deals with the UK, China, and Vietnam. However, for countries aligning with the anti-American policies of BRICS, an international organization consisting of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates, there will be no exceptions to the policy of an additional 10% tariff, according to Trump's statement.

Trump has threatened to impose an additional 10% tariff on any country aligned with BRICS. He made this statement on social media, stating that any country aligning with the anti-American policies of BRICS will be charged an additional 10% tariff.

Lutnick reiterated that the timeline for trade negotiations remains July 9, as previously stated. Trump has indicated that countries will receive either letters or deals this week. The tariffs imposed by Trump under the 'Liberation Day' policy will take effect on August 1, following the 90-day pause.