President Trump on Wednesday indicated there would be no extensions of the deadline at the end of the week, when steep tariffs are set to go into effect on many nations.
“The August first deadline is the August first deadline — It stands strong, and will not be extended. A big day for America!!!” Trump posted on Truth Social.
Trump has issued letters to more than a dozen countries informing them of tariff rates they will face to export their goods into the United States beginning Aug. 1. Those include a 25 percent tariff on India, a 35 percent tariff on Bangladesh and a 50 percent tariff on Brazil, among others.
The White House has struck deals with a handful of other countries to set lower tariff rates, including with Japan, the European Union, Indonesia and the United Kingdom.
Critics have argued the details around those agreements are still scarce and have noted that the tariff rate those countries will pay, while lower than an initial threat, is still higher than it was before Trump took office.
The timing and severity of tariffs on other nations have been shifting targets since Trump took office, after he vowed on the campaign trail to aggressively impose duties on imports. He has repeatedly threatened tariffs on other nations, only to back off or delay their imposition.
The president on April 2 announced “reciprocal” tariffs on dozens of other countries, using trade deficits to help calculate the tariff rate. But a week later, he lowered those rates to 10 percent for 90 days as markets reacted negatively, giving time for negotiations. The 90-day window was set to expire in early July, only for Trump to set a new deadline of Aug. 1.
