U.S. Commerce Secretary Howard Lutnick has confirmed that the Trump administration's country-specific tariffs will take effect on August 1, 2025. This date replaces an earlier deadline of July 9, providing additional time for U.S. trading partners to prepare. Lutnick described August 1 as a "hard deadline," emphasizing that no extensions will be granted for countries to begin paying the reciprocal tariffs. According to Lutnick, smaller nations will likely face a baseline tariff of 10%, while larger economies will be expected to either open their markets or face the tariffs. President Donald Trump is currently setting the specific tariff rates and negotiating deals ahead of the August 1 implementation. The tariffs are part of a broader strategy to impose steep levies on various countries, signaling a firm stance on trade policy.