Trump Sets Tariff Deadline, Targets Multiple Trade Partners

President Donald Trump has announced a potential increase in tariffs on imports from key trade partners, with rates possibly reaching up to 70%, effective August 1, unless trade agreements are finalized by the July 9 deadline. The administration has already reached agreements with the UK, Vietnam, and China, but negotiations with the EU, Japan, South Korea, and others remain unsettled, with Trump prepared to impose unilateral tariffs on countries failing to reach deals. The EU faces internal divisions over concessions, with some leaders urging swift resolution while others criticize the tariff threat as coercive. The US plans to send letters notifying trade partners of their tariff rates imminently, and markets are bracing for volatility similar to the reaction following Trump's April tariff announcements. Countries like the Philippines are actively negotiating for tariff relief to avoid steep reciprocal tariffs, which currently are paused but set to resume soon. Overall, the US administration's hardline tariff stance aims to strengthen its competitive position but raises concerns about potential disruption in global trade and price impacts.