President Donald Trump has set a firm August 1 deadline for imposing sweeping new tariffs on dozens of U.S. trading partners, including the European Union and other major economies. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that there will be no extensions or grace periods, increasing pressure on countries to strike trade deals before the deadline. The administration is demanding that partners open their markets to U.S. exports in exchange for lower tariffs, with negotiations intensifying in the final days. While a trade agreement with Japan has been reached, talks with the EU and other nations remain uncertain, raising concerns about potential economic disruption and higher consumer prices. The Trump administration argues that these tariffs will boost U.S. economic growth and give the country greater leverage in global trade.
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