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 extensions or grace periods, increasing pressure on countries to strike trade deals before the deadline. The U.S. is demanding that partners open their markets to American exports in exchange for lower tariffs, with recent agreements like the one with Japan serving as a potential model. Negotiations with the EU are ongoing, but uncertainty remains about whether a deal can be reached in time. The administration claims these tariffs will boost the U.S. economy, but concerns persist about higher consumer prices and global trade tensions.
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