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flag U.S. sets August 1st deadline for countries to begin paying tariffs or face higher rates.

flag Commerce Secretary Howard Lutnick stated that August 1st is the deadline for countries to begin paying tariffs to the U.S., though negotiations can continue afterward. flag Smaller countries may face a baseline 10% tariff, while larger economies must either open their markets or pay a higher tariff. flag Lutnick is confident in securing trade deals, believing they will boost U.S. GDP growth and address the trade deficit.

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