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 confirmed there will be no extensions or grace periods, increasing pressure on countries to strike trade deals with the U.S. before the deadline. The administration is leveraging tariffs as a negotiating tool, demanding that partners open their markets to U.S. exports in exchange for lower duties. While some agreements, like the recent deal with Japan, have been reached, uncertainty remains for other key partners, especially the EU. The looming tariffs could significantly impact global trade flows, prices, and economic growth if deals are not secured in time.
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