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Trump: Aug. 1 tariff deadline ‘stands strong'
President Trump on Wednesday indicated there would be no extensions of the deadline at the end of the week, when steep tariffs are set to go into effect on many nations. 'The August first deadline is the August first deadline — It stands strong, and will not be extended. A big day for America!!!' Trump posted on Truth Social. Trump has issued letters to more than a dozen countries informing them of tariff rates they will face to export their goods into the United States beginning Aug. 1. Those include a 25 percent tariff on India, a 35 percent tariff on Bangladesh and a 50 percent tariff on Brazil, among others. The White House has struck deals with a handful of other countries to set lower tariff rates, including with Japan, the European Union, Indonesia and the United Kingdom. Critics have argued the details around those agreements are still scarce and have noted that the tariff rate those countries will pay, while lower than an initial threat, is still higher than it was before Trump took office. The timing and severity of tariffs on other nations have been shifting targets since Trump took office, after he vowed on the campaign trail to aggressively impose duties on imports. He has repeatedly threatened tariffs on other nations, only to back off or delay their imposition. The president on April 2 announced 'reciprocal' tariffs on dozens of other countries, using trade deficits to help calculate the tariff rate. But a week later, he lowered those rates to 10 percent for 90 days as markets reacted negatively, giving time for negotiations. The 90-day window was set to expire in early July, only for Trump to set a new deadline of Aug. 1. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Yahoo
29 minutes ago
- Yahoo
Lutnick says tariffs set in place Aug 1: ‘No extensions. No more grace periods.'
Commerce Secretary Howard Lutnick said on Sunday that President Trump would not grant any further extensions to countries wishing to negotiate trade deals ahead of the Aug. 1 deadline. 'No extensions, no more grace periods. Aug. 1, the tariffs are set,' Lutnick said in an interview on 'Fox News Sunday.' 'They'll go into place, customs will start collecting the money, and off we go,' Lutnick continued. Lutnick added, however, that the president would be open to continuing to negotiate even once the tariffs are in place. 'Obviously after Aug. 1, people can still talk to President Trump,' Lutnick said. 'I mean, he's always willing to listen.' The president will also continue to talk to other countries before the Aug. 1 deadline, Lutnick added. 'Whether they can make him happy is another question,' Lutnick said. 'But the president's definitely willing to negotiate and talk to the big economies for sure.' The interview came shortly before Trump announced a trade deal with the European Union, setting tariffs at 15 percent for European goods, including automobiles. The EU agreed to purchase $750 billion worth of energy from the U.S. as part of the deal, Trump announced on Sunday, and to invest in the U.S. $600 billion more than the current investments for other goods. The agreement is lower than the 30 percent tariff Trump had threatened to impose on the EU, which was set to take effect on Aug. 1, and avoids a trade war with the U.S.'s largest trading partner. Trump earlier this month posted letters to social media sent to more than a dozen countries vowing to impose steep tariffs on their imports starting Aug. 1. An initial round of tariffs unveiled in April was paused for 90 days to allow time for negotiations, and the president then pushed the deadline for the tariffs to take effect back by another few weeks — to Aug. 1. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Yahoo
29 minutes ago
- Yahoo
Trump says Canada's Palestinian state move hurts trade talks
President Trump said early Thursday that Canada's move to recognize a Palestinian state impedes progress on trade talks, just one day ahead of Trump's Aug. 1 tariff deadline. 'Wow! Canada has just announced that it is backing statehood for Palestine,' the president wrote in a post on Truth Social shortly after midnight. 'That will make it very hard for us to make a Trade Deal with them. Oh' Canada!!!' he added. Canadian Prime Minister Mark Carney said in a statement Wednesday that his country intends to recognize a Palestinian state at the United Nations General Assembly in September. The move would be predicated on several significant commitments, including that the Palestinian Authority would hold elections in 2026 that would preclude participation by Hamas, which has governed the Gaza Strip since June 2007. Carney's announcement follows similar announcements from the United Kingdom and France, as world leaders face public pressure to respond to viral images of starving children in Gaza, amid a worsening humanitarian situation. The Trump administration had admonished the effort. The State Department said Monday the U.S. would not participate in any initiative to support a two-state solution to end the Israel-Hamas war. Secretary of State Marco Rubio earlier this week pushed back on French President Emmanuel Macron, claiming the decision is harmful to ceasefire talks. The pressure also comes as Trump prepares to hit some major U.S. trading partners with steep tariffs if they don't agree to the new U.S. trading terms by the Friday deadline. The president has also threatened to levy a 35 percent tariff on Canadians goods that are not covered by the U.S.-Mexico-Canada (USMCA) trade agreement. 'We haven't really had a lot of luck with Canada,' he said last week. 'I think Canada could be one where they'll just pay tariffs. It's not really a negotiation.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
