President Donald Trump has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of countries, including key U.S. trading partners like the European Union, Japan, and Canada. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have confirmed there will be no extensions or grace periods, using the threat of tariffs as leverage to secure more favorable trade deals for the U.S. The administration is demanding that the EU and others open their markets to U.S. exports in exchange for lower tariffs. While some agreements, such as with Japan, have been reached, uncertainty remains as negotiations with the EU and other countries continue. The hardline stance is intended to reshape global trade in America's favor, but it has also raised concerns about potential economic disruption and higher consumer prices.
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