"So no extension, no grace period. The tariffs will go into effect on August 1. They will go into effect. Customs will start collecting the money," Latnik said in an interview with Fox News.

After the tariffs take effect, President Donald Trump is still willing to continue negotiations, Latnik said.

On the prospects of reaching an agreement with the European Union (EU), Latnik said:"You know they hope they will reach an agreement, and that depends on President Trump, who is the leader of these negotiations."

Trump, currently on a private visit to Scotland, is scheduled to meet European Commission President Ursula von der Leyen on Sunday evening to discuss trade. Trump has threatened to impose a 30% tariff on EU imports if a deal is not reached. In that case, the EU is prepared to impose tariffs on 93 billion euros worth of US goods.

So far, five countries have reached trade agreements with the Trump administration. These are the United Kingdom, Vietnam, Indonesia, the Philippines, and Japan.

The tariffs they have agreed to are often higher than the new 10% base rate that the US has been imposing on most countries since April. But the new tariffs are far lower than those the Trump administration threatened to impose if a deal were not reached.