US tariffs set for August 1 unless trade deals reached ...Middle East

The rates will revert to the higher levels initially announced by former President Donald Trump in April, following a suspension for negotiations.

The president confirmed that letters announcing rate hikes would be sent to multiple countries, though some deals, such as those with the UK and Vietnam, have already been finalized. US Commerce Secretary Howard Lutnick emphasized that while tariffs are set to begin in August, the administration is actively negotiating terms.

Bessent dismissed inflation fears, distinguishing between temporary price adjustments and broader economic impacts. “Inflation is a generalized monetary phenomenon. We’re not going to see that,“ he told Fox News. - AFP

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