U.S. Secretary of Commerce: Starting August 1, the U.S. will impose tariffs on multiple countries, with a 10% Benchmark tax rate applicable to small countries.

[Coin World] U.S. Secretary of Commerce Howard Lutnick said in an interview with CBS News last Sunday that August 1 is the deadline for countries to start paying tariffs to the U.S., but emphasized that "countries can continue to negotiate with the U.S. after August 1." Lutnick revealed that some small countries—Latin American countries, Caribbean countries, and many African countries—"will be subject to a 10% Benchmark tariff." This statement may relieve these countries somewhat, as Trump had previously hinted that the benchmark tax rate for these countries could exceed 10%. However, he also stated that "larger economies have two options—either open their markets to the U.S. or pay fair tariffs."