'No extensions will be granted': Trump vows new tariff deadline is a firm one
President Trump says he's not extending his latest deadline for higher tariffs beyond Aug. 1, when he's warned new countries will pay higher rates.
WASHINGTON ― President Donald Trump says he's not extending his latest tariff deadline any further as the latest the Republican's administration escalates its pressure campaign on longtime U.S. allies to negotiate new trade deals.
Trump said he's sticking to a new Aug. 1 starting date for higher tariffs to go into effect as he sends letters to leaders of nations across the world alerting them to new U.S. tariff rates on goods from their countries.
"There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025," Trump said in a July 8 post on Truth Social. "No extensions will be granted."
Since returning to the White House in January, Trump has taken an on-and-off-again approach to his tariff regime ‒ routinely threatening new fees on goods that he retreats from later. His past efforts have earned him a nickname among Wall Street financial analysts called "TACO trade," an acronym that stands for "Trump always chickens out."
Steep "reciprocal" tariffs that Trump initially imposed in early April ‒ but soon after paused for 90 days amid market turbulence ‒ were set to go back into effect July 9. But Trump on July 7 extended the deadline to Aug. 1 after his administration has struggled to secure trade deals with other nations during the pause.
Trump on Monday announced new tariff rates for 14 countries ranging from 25% to 40%. He said each will go into effect Aug. 1. They include 25% tariffs on imports from Japan and South Korea, major U.S. trading partners. Dozens of more letters to additional countries are expected to go out July 8 and July 9.
The new tariffs would more than double, and in some cases quadruple, the fees on imports. Since April, the Trump administration has been imposing a 10% universal tariff on goods from most countries.
Top White House trade adviser Peter Navarro had predicted the administration would reach 90 trade deals in 90 days because of the threat of higher tariffs facing countries. But so far, Trump has reached trade agreements with only the United Kingdom and Vietnam.
Reach Joey Garrison on X @joeygarrison.