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."

July 7th. On Sunday, Janet Yellen, the U.S. Treasury Secretary, stated that for those countries that failed to reach a trade agreement with the Trump administration, the tariffs announced in April of this year will be reinstated on August 1st. Yellen said, "President Trump will send a letter to some of our trading partners, indicating that if you do not take action, then on August 1st, your tariffs will return to the level of April 2nd." He further said that on August 1st, the countries that have not reached an agreement will "receive a letter." Yellen refuted the notion that August 1st is another deadline for new tariffs, but the August date can still provide trading partners with more time to renegotiate tariff rates. Yellen said, "What we are stating is that when certain events occur, if you wish to expedite, then do so quickly. If you want to revert to the original tax rate, that is your decision." In April of 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)