Bert: If negotiations are sincere, the tariff level on August 1st will be temporary.

US Treasury Secretary Steven Mnuchin said in an interview with CNBC that the "snapback tariffs" rate that took effect on August 1 will continue for "a few days to a few weeks, as long as countries continue to make progress and negotiate in good faith." Regarding the tariff rates that took effect on August 1, Mnuchin said, "I don't think this is the end of the world." Mnuchin also said that President Trump is satisfied with tariff revenue in some cases, even more than reaching agreements themselves.