White House: "New reciprocal tariffs take effect August 1... Trump expected to sign executive order"

The White House officially confirmed that the new reciprocal tariffs set by President Donald Trump are scheduled to take effect starting August 1 (local time).

According to the Financial Times (FT) on the 31st (local time), White House spokesperson Caroline Leavitt announced during a briefing that "if an agreement is not reached by midnight tonight, the reciprocal tariffs will automatically take effect starting August 1."

Given the precedent of President Trump's previous executive orders, it appears the new reciprocal tariffs will be implemented at 12:01 AM (local time) on August 1.

Leavitt explained that for countries like South Korea, Japan, and the European Union (EU) that have already entered into trade agreements with the United States, "the customized trade agreements signed by the President remain effective," and a 15% tariff rate will be applied to those countries.

She continued, "For countries without an agreement with the United States, or those that have received letters regarding tariffs, notification will be given by the midnight deadline tonight," adding, "President Trump is expected to sign the executive order this afternoon or late this evening."

She stated, "More than 200 countries worldwide have tried to contact the trade and tariff team," and "The U.S. prioritized key trade partners and has entered into customized agreements with about two-thirds of the 18 countries."

Leavitt concluded by saying, "Countries that have not yet been contacted will be notified via letter or executive order by midnight tonight," emphasizing, "Many foreign leaders are aware of the deadline, reaching out to President Trump and coming to the negotiation table with proposals."