U.S. Commerce Secretary Howard Lutnick says August 1 is the deadline for countries to begin paying reciprocal tariffs to the United States, suggesting smaller economies will likely be subject to the baseline tariff of ten percent.

Lutnick provided the information Sunday during an interview with CBS, when asked about the possibility of another postponement. 

The commerce secretary said August 1 is a hard deadline and the new tariff rates will take effect that day.

Lutnick added that nothing stops countries from talking to the U.S. after August 1, but that they will start paying the tariffs on August 1. 

Lutnick said the Latin American countries, the Caribbean countries, and many countries in Africa will have a baseline tariff of ten percent, while the bigger economies will either open themselves up or pay America what he called a fair tariff.