United States officials flagged a delay on tariffs, with higher rates to take effect on Aug 1, but failed to provide much detail on the change.SYDNEY: Stock markets slipped in Asia on Monday (Jul 7) amid confusion as United States officials flagged a delay on tariffs but failed to provide much detail on the change, while oil prices slid as OPEC+ opened the supply spigots more than expected.The US is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by Jul 9, President Donald Trump said on Sunday, with the higher rates to take effect on Aug 1.President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on Aug 1, you will boomerang back to your Apr 2 tariff level,” US Treasury Secretary Scott Bessent told CNN.Trump in April announced a 10 per cent base tariff rate on most countries and higher “reciprocal” rates ranging up to 50 per cent, with an original deadline of this Wednesday.However, Trump also said levies could range in value from “maybe 60 per cent or 70 per cent”, and threatened an extra 10 per cent on countries aligning themselves with the “Anti-American policies” of the BRICS group of Brazil, Russia, India and China.
