President Donald Trump has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of U.S. trading partners, with no further extensions or grace periods. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that the U.S. is using the threat of tariffs as leverage to secure more favorable trade agreements, particularly with the European Union and Japan. The administration claims these tariffs could boost U.S. economic growth, but there is widespread uncertainty about their impact on global markets and consumer prices. Negotiations with the EU are ongoing, with both sides under pressure to reach a deal before the deadline to avoid a potential trade war. The situation remains fluid, with the U.S. prioritizing the quality of deals over speed, and the outcome could reshape international trade relations.
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