President Donald Trump has set a hard deadline of August 1 for imposing sweeping new tariffs on dozens of countries, including key partners like the European Union and Japan. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have confirmed there will be no extensions or grace periods, using the looming tariffs as leverage to secure more favorable trade agreements for the U.S. The EU is scrambling to strike a deal before the deadline, while other countries weigh their options amid uncertainty. The administration claims these tariffs could boost U.S. GDP growth, but concerns remain about higher consumer prices and global economic disruption. The outcome of these high-stakes negotiations could reshape international trade relationships for years to come.
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