U.S. Treasury Secretary Yellen stated that countries without an agreement will face tariffs starting on August 1, but denied that this date is the "new deadline."

BlockBeats News, July 7th. On Sunday, U.S. Treasury Secretary Janet Yellen stated that for countries that did not reach a trade agreement with the Trump administration, the tariffs announced in April of this year would be reinstated on August 1st. Yellen said: "President Trump is going to be writing to some of our trading partners to say that if you haven’t taken action, your tariffs are going to go back to where they were on April 2nd come August 1st." She also mentioned that on August 1st, countries that have not reached an agreement will "receive a letter." Yellen dismissed the idea that August 1st is another deadline for new tariffs, but the date in August could still give trading partners more time to renegotiate tariff rates.

Yellen stated: "What we say is that when something happens, if you want to move more quickly, get going. If you want to go back, that’s your choice." In April of this year, Trump announced a pause on the high tariffs imposed on most major trading partners for 90 days. The tariff suspension is set to expire on Wednesday, July 9th. (CNBC)