(MENAFN) US Commerce Secretary Howard Lutnick announced Sunday that increased tariff rates will be implemented on August 1 unless trading partners finalize agreements with Washington.

“They go into effect Aug. 1, but the president is setting the rates and the deals right now,” Lutnick said during a press briefing alongside President Donald Trump.

Back in April, the US introduced reciprocal tariffs targeting numerous countries but paused them for a 90-day period beginning April 9.

With the deadline approaching, negotiations continue as nations attempt to secure more favorable trade arrangements with the world's largest economy.

“They're going to be tariffs,” Trump responded when asked whether tariff rates would change by July 9 or August 1.

“I think we'll have most countries done by July 9th. Yeah. Either a letter or a deal,” he added.

Last week, Trump indicated he would be sending formal letters to various countries detailing their individual tariff rates.

“We're going to be sending letters out on Monday having to do with the trade deals...It could be as many as 15 or so...and some will go out on Tuesday and Wednesday — and we've made deals also.”

“So we’ll get to have a combination of letters, and some deals have been made,” Trump told reporters.

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