Trump Confirms Tariffs Will Take Effect on August 1
While the initial tariff package was announced in April, the higher duties were temporarily suspended until July 9.
Quick overview
- In April, President Trump imposed a 10% tariff on imports from most trading partners, with higher duties targeting specific countries.
- Trump confirmed that the August 1 deadline for new tariffs will not be postponed, reversing his earlier suggestion of flexibility.
- Letters informing key U.S. trading partners about the upcoming tariff increases were sent, with more to follow in the coming days.
- Despite trade tensions, U.S. financial markets opened higher, showing modest gains after recent losses linked to tariff announcements.
In April, President Donald Trump imposed a blanket 10% tariff on imports from nearly all of the United States’ trading partners, along with higher custom duties targeting dozens of countries. Negotiations are ongoing.
On Tuesday, Trump made clear that he will not postpone the August 1 deadline for the new tariffs to take effect — a sharp reversal from the previous day, when he had hinted at a possible delay.
While the initial tariff package was announced in April, the higher duties were temporarily suspended until July 9. On Monday, Trump pushed that deadline back to August 1, suggesting some flexibility: “I’d say it’s firm — but not 100% firm,” he told reporters.
But by Tuesday, his stance had hardened: “There have been no changes to that date,” he stated. “There will be no extensions.”
The president also confirmed that letters were sent on Monday to key U.S. trading partners, mainly in Asia, informing them of the tariff increases set to take effect August 1. More letters, he added, would be sent “today, tomorrow, and in the coming days.”
Market Action
Despite rising trade tensions, U.S. financial markets opened higher on Tuesday. Wall Street futures showed modest gains, a potential rebound from Monday’s losses that came after Trump announced a 25% tariff on imports from Japan and South Korea.
He also unveiled a 40% tariff on goods from countries including Malaysia, Kazakhstan, and South Africa — a move that has raised fresh concerns about a possible escalation in protectionist policies.
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