President Donald Trump has set a firm August 1 deadline for imposing steep new tariffs—some as high as 50%—on dozens of U.S. trading partners, including the European Union and Japan. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that there will be no extensions or grace periods, using the looming tariffs as leverage to secure more favorable trade agreements. The U.S. is demanding that the EU and other partners open their markets to American exports in exchange for lower tariffs. While a trade deal with Japan has been announced, negotiations with the EU and other countries remain tense and uncertain as the deadline approaches. The administration claims these tariffs will boost U.S. economic growth, but many experts warn of potential price increases and global economic disruption.
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