July 7, 2025- The United States is close to finalizing several trade pacts in coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates set to take effect on August 1, according to Reuters. Trump has floated a wide range of tariff rates, leaving open the possibility for substantial jumps in the tariffs U.S. business and consumers will pay for goods from abroad. Trump has regularly said that these rates were meant as retaliation against other countries’ protectionist measures, according to NPR.