President Donald Trump has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of countries, including key partners like the European Union. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that there will be no extensions or grace periods, and that the tariffs—some as high as 50%—are intended to pressure trading partners into opening their markets to U.S. exports. The U.S. recently struck a trade deal with Japan, which could serve as a model for negotiations with the EU. While some countries are scrambling to reach agreements before the deadline, uncertainty remains about the long-term impact of these tariffs on global trade and the U.S. economy. The Trump administration claims these measures will benefit American businesses and consumers, but concerns persist about higher prices and potential trade wars.
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