The US government, led by President Donald Trump and Commerce Secretary Howard Lutnick, has confirmed that sweeping new tariffs will take effect on August 1, with no further extensions or grace periods. The administration is using the looming deadline as leverage in high-stakes trade negotiations, particularly with the European Union, which is scrambling to secure a deal to avoid steep new duties. Recent agreements with Japan are seen as a possible template for an EU deal, but US officials insist that only a 'good enough' offer will prevent the tariffs. The baseline tariff rate is set at 10%, with the potential for much higher rates on certain goods and countries. The hardline stance marks a shift from previous delays and signals a new phase in US trade policy, with significant economic and political implications worldwide.
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