The U.S. has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of countries, with Commerce Secretary Howard Lutnick 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 to secure new trade deals, particularly with the European Union and Japan. While a trade agreement with Japan has been reached, negotiations with the EU are ongoing, and the U.S. is demanding greater market access in exchange for lower tariffs. Officials emphasize that the quality of deals is more important than speed, but the looming deadline is putting intense pressure on America's trading partners. The move marks a significant escalation in the U.S.'s hardline trade policy, with potential global economic impacts.
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