The Trump administration has confirmed that the August 1 deadline for imposing new tariffs on dozens of countries is final, with no further extensions or grace periods. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent emphasized that the tariffs are intended to pressure key trading partners, especially the European Union, to strike new trade deals with the U.S. Recent agreements with Japan may serve as a model for other negotiations, but talks with the EU remain unresolved as the deadline approaches. The administration claims these tariffs could boost U.S. economic growth, but there are concerns about higher prices for American consumers and potential trade wars. The hardline stance marks a shift from previous patterns of delay and signals a new phase in U.S. trade policy.
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