President Donald Trump has set a hard deadline of August 1 for imposing sweeping new tariffs on dozens of countries, including key partners like the European Union, unless new trade deals are reached. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that there will be no extensions or grace periods, using the threat of tariffs as leverage to secure more favorable terms for U.S. exports. The administration is demanding that the EU and others open their markets to American goods in exchange for lower tariffs. While a trade agreement with Japan has been announced, negotiations with the EU and other countries remain tense and unresolved as the deadline approaches. The uncertainty has rattled global markets and raised concerns about higher consumer prices and potential trade wars.
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