Trump Extends Tariff Suspension to August 1 Amid Global Trade Talks

US President Donald Trump has announced plans to extend the suspension of reciprocal tariffs until August 1, following an initial 90-day pause to allow time for trade negotiations with multiple countries, including India, Japan, and South Korea. Despite this extension, Trump has notified these countries that tariffs of up to 50% on steel, aluminum, and other goods could be imposed if agreements are not reached, maintaining a firm stance on trade barriers. The European Commission remains committed to finalizing a trade deal with the US by the original July 9 deadline, though some US officials suggest tariffs might only start on August 1 if talks stall. Meanwhile, ongoing negotiations with India have made incremental progress on market access for textiles, pharmaceuticals, and services, but tariffs on Indian steel and aluminum—raised to 50%—are expected to remain in place for now. Both sides acknowledge these metal tariffs are part of a broader global regime affecting many countries, with no immediate relief for India, though future tariff discussions are anticipated. The Trump administration has defended its tariff policy as necessary for fair trade, emphasizing that the tariffs serve as leverage to expedite trade agreements and address trade imbalances.