President Donald Trump has set August 1 as a firm deadline for imposing sweeping new tariffs on dozens of countries, including key partners like the European Union, Japan, and Canada. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have confirmed there will be no extensions or grace periods, increasing pressure on foreign governments to open their markets to U.S. exports. The administration claims these tariffs will boost U.S. economic growth and give the U.S. leverage in trade negotiations, but many fear higher prices and economic uncertainty. While a trade agreement with Japan has been reached, talks with the EU and other partners remain tense and unresolved as the deadline approaches. The outcome of these negotiations could reshape global trade relationships and have significant economic impacts worldwide.
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