New Delhi, July 8 -- US President Donald Trump's tariffs are set to take effect on Friday, August 1. Therefore, the 90-day grace period for reciprocal tariffs that was initially scheduled to end this Wednesday, July 9, has been extended due to stalled negotiations.

On Monday, July 7, US President Donald Trump disclosed letters his administration sent to different trading partners notifying them of the reciprocal tariff rates that will be in effect starting August 1, 2025.

The first two letters shared by Trump on the social media platform Truth Social indicated that the US will apply a 25% tariff on Japan and South Korea. After a brief pause, the US President also released tariff letters for additional countries including Myanmar, Laos, ...