The United States, under President Donald Trump, has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of countries, including key partners like the European Union and Canada. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have both confirmed there will be no further extensions or grace periods, marking a shift from previous delays. The Trump administration is using the threat of tariffs as leverage to secure more favorable trade deals, with intense negotiations underway, especially with the EU. A recent agreement with Japan is seen as a possible template for other deals, but uncertainty remains high as the deadline approaches. The administration insists that the tariffs will benefit the US economy, though concerns persist about potential price increases for American consumers.
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