President Donald Trump has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of U.S. trading partners, including the European Union and Japan. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that there will be no further extensions or grace periods, making this a hard deadline. The administration is using the threat of tariffs—some as high as 50%—as leverage to secure more favorable trade agreements, demanding that countries open their markets to U.S. exports. While a deal has been reached with Japan and talks with the EU are ongoing, uncertainty remains for other nations. The outcome of these negotiations could reshape global trade dynamics and have significant economic impacts both in the U.S. and abroad.
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