The U.S. has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of countries, with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent confirming there will be no further extensions or grace periods. The Trump administration is using the threat of steep tariffs—up to 50% on some imports—as leverage in ongoing trade negotiations with major partners like the European Union and Japan. While a trade agreement has been reached with Japan, talks with the EU are ongoing, with both sides under pressure to strike a deal before the deadline. The administration claims these tariffs will boost U.S. economic growth and give the country more bargaining power, but there is widespread uncertainty about the impact on global markets and consumers. The situation remains fluid, with the possibility of last-minute deals or further trade tensions if agreements are not reached.
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