President Donald Trump says he will not offer any extension to the new Aug. 1 deadline for imposing higher tariffs on many goods imported into the U.S.
"Tariffs Will Begin Be Paid On August 1, 2025. There has been no change to this date, and there will be no change," Trump wrote on his Truth Social platform on Tuesday. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted."
Trump began notifying trading partners of the new tariffs on Monday ahead of a deadline originally this week for countries to conclude trade negotiations with his administration.
However, the new letters, which unilaterally impose duties on countries that fail to reach a deal, come alongside an executive order delaying the tariff date by three weeks, effectively giving trading partners an extension to talk. Trump also said Monday night that his Aug. 1 deadline was "not 100% firm" when speaking to reporters, suggesting he could be swayed by offers of additional concessions.
The warning, coupled with Trump's suggestion that he was still negotiating additional deals, has fueled skepticism among some in Washington and on Wall Street that the president will follow through on his latest tariff threats.
Latest Tariff Halt Shows Limits of Trump's Crazy Dealmaking Trump's post came after traders appeared to initially shrug off his tariff-demand letter issued on Monday. But after his post, equities hit session lows, suggesting traders may believe the president is hardening his resolve to move forward.
The move is just the latest in a trade agenda that has seen numerous delays and reversals as Trump has used the threat of tariffs to reshape global trade flows and pressure companies to shift more manufacturing jobs to the United States, rattling financial markets in the process.
Trump initially announced higher reciprocal tariffs on more than 50 trading partners on April 2, but temporarily lowered them to 10% for 90 days, allowing time for negotiations. That deadline was set to expire this week, but Trump signed an executive order Monday delaying implementation until Aug. 1.
While the administration initially talked about plans to hold simultaneous negotiations with dozens of partners, so far the U.S. has only completed framework trade deals with the U.K. and Vietnam with many key details still unsettled and reached a truce with China on tariff reductions, while Trump has indicated a preference for imposing tariffs only unilaterally on countries. (alg)
Source: Bloomberg
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