Trump Sets August 1 Tariff Deadline, Eyes $300B

President Donald Trump has defended his administration's aggressive tariff strategy, noting that the U.S. has already collected $100 billion in tariffs this year and expects this figure to reach $300 billion by year-end. Trump announced that new, higher tariffs will take effect on August 1, with no further extensions, following letters sent to countries such as Japan and South Korea detailing the new levies. Treasury Secretary Scott Bessent confirmed the revenue projections and stated that significant tariff inflows would begin in August. Critics argue that these tariffs could increase costs for American consumers, while Trump asserts the measures will benefit the U.S. Treasury and rectify trade imbalances. The escalation has prompted emergency meetings in affected countries, especially in Asia, as some tariffs are set to rise as high as 40%. Trump maintains that prior U.S. trade policies were too lenient and says the new tariffs are necessary to protect American interests.