U.S. Treasury Secretary Yellen stated that countries without an agreement will face tariffs starting August 1, but denied that the date is a "hard 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 this year will be reinstated on August 1st. Yellen said, "President Trump will send a letter to some of our trading partners saying that if you don't take action, then on August 1st, your tariffs will return to the level of April 2nd." He said that on August 1st, countries that have not reached an agreement will "receive a letter." Yellen rejected the idea that August 1st is another deadline for new tariffs, but the date in August can still give trading partners more time to renegotiate tariff rates.

Yellen said, "What we're saying is, when things happen, if you want to speed up, then hurry up, if you want to go back to the original tax rate, that's your choice." In April this year, Trump announced a suspension of high tariffs imposed on most major trading partners for 90 days. The tariff suspension order will expire on Wednesday, July 9th. (CNBC)