'Big day for America': US President Donald Trump declares August 1 tariff deadline will not be extended after securing deals with Japan, EU
The President's threat of widespread tariffs first emerged in April when the US leader announced a long list of nations would be hit with levies to address perceived trade imbalances.
Those measures were subsequently delayed, however, with President Trump ultimately pushing back their introduction until August 1 in order to strike "90 deals in 90 days".
Despite the delay, the US is set to fall well short of that target, prompting speculation the President could again push back the deadline.
On Wednesday, though, President Trump took to his Truth Social platform to dispel any doubts about when tariffs would come into force.
"The August first deadline is the August first deadline - it stands strong, and will not be extended," he wrote.
"A big day for America!!!"
The declaration is likely to cause concern for a number of Australian businesses, with the Albanese government yet to negotiate a new deal with the Trump administration.
Prime Minister Anthony Albanese and Trade Minister Don Farrell have both cited an existing free trade agreement, as well as Australia's longstanding trade deficit with the US, as reasons the nation should escape tariffs, although neither argument has appeared to resonate.
President Trump had singled out Australian biosecurity restrictions on US beef, which the government loosened last week, as an example of unfair trade practices, while pharmaceutical companies are understood to have lobbied his administration over Australia's Pharmaceutical Benefits Scheme.
If Australian officials are unsuccessful at allaying those concerns, and others, the nation appears set to face tariffs of at least 10 per cent - although President Trump flagged that number may rise as high as 20 per cent in future.
The President's declaration comes on the heels of major new agreements struck with Indonesia, Japan and the EU.
All three nations will still face tariffs as part of the deals, although at a lower level than originally threatened when President Trump first announced the measures.
President Trump's moves to upend global trade have sparked chaos in world markets and prompted the International Monetary Fund to warn they could impact economic growth in the years ahead.
In its July World Economic Outlook Update, the organisation's chief economist, Pierre-Olivier Gourinchas, warned: "The world economy is still hurting, and it's going to continue hurting with tariffs at that level, even though it's not as bad as it could have been".
Mr Gourinchas added tariffs were beginning to impact the US economy, saying the IMF was seeing evidence consumer prices were beginning to edge higher.
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