The Trump administration has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of countries, with Commerce Secretary Howard Lutnick repeatedly confirming there will be no further extensions or grace periods. The U.S. is using the threat of higher tariffs as leverage in ongoing trade negotiations, particularly with the European Union, which is scrambling to secure a deal before the deadline. A recent agreement with Japan is seen as a possible template for other trade partners, but uncertainty remains high, and markets are bracing for potential economic fallout. The administration claims these tariffs will boost U.S. economic growth, but critics warn of higher prices and strained international relations. The outcome of these negotiations could reshape global trade dynamics for years to come.
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