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BlockBeats reported that on July 21st, US Commerce Secretary Howard Lutnick stated in an interview with CBS News last Sunday that August 1st is the deadline for countries to start paying tariffs to the United States, but emphasized that "countries can still continue negotiations with the United States after August 1st". Lutnik revealed that some small countries - Latin American countries, Caribbean countries, and many African countries - will be subject to a benchmark tariff of 10%. This statement may bring some relief to these countries, as Trump had previously hinted that their benchmark tax rates could exceed 10%. But he also said, "Larger economies have only two choices - either open their markets to the United States or pay fair tariffs