<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 using the threat of tariffs—some as high as 50%—as leverage to secure more favorable terms for U.S. exports and open foreign markets. While a trade agreement has been reached with Japan, negotiations with the EU and other partners remain tense and unresolved. The looming tariffs have created significant uncertainty in global markets, with the U.S. insisting that the new trade framework will benefit American businesses and consumers.>
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