US Sets August 1 Tariff Deadline, Seeks New Trade Deals

President Donald Trump has extended the deadline for implementing new tariffs to August 1, giving trading partners more time to finalize trade agreements with the U.S. The administration plans to begin sending letters on July 7 to countries warning them of impending higher tariffs if deals are not reached by the July 9 deadline. So far, the U.S. has secured agreements with the United Kingdom and Vietnam, with ongoing negotiations and progress reported with the European Union, China, and other nations. Trump and his trade advisers have indicated that while the deadline could be extended for countries negotiating in good faith, the administration is applying maximum pressure to finalize deals. The tariffs, initially announced on April 2 with a base rate of 10% and potential increases up to 50%, have raised concerns globally, with some countries resisting compromise and others deeming the tariffs a threat to global trade. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have highlighted that several deals are close to completion, and significant announcements are expected soon.