President Trump Sets Final Tariff Deadline: No More Extensions After August 1

The global tariff standoff is escalating. President Donald Trump announced that no further extensions will be granted on sweeping new tariffs set to take effect August 1, following earlier delays in implementation.

Speaking during a cabinet meeting Tuesday, the president said, “I could go higher with the tariffs, but I don’t want to hurt them,” referring to the 14 countries receiving formal notices this week. The new measures include a 40% hike on goods from Laos, 30% from South Africa, and 25% from South Korea and Japan.

Trump first declared blanket tariffs on nearly every country on April 2, giving foreign leaders until July 9 to finalize trade deals. While a handful of frameworks have been signed, the majority of targeted nations remain without formal agreements.

In a Truth Social post, Trump reinforced his position, writing, “No extensions will be granted,” despite already delaying implementation twice in 2025.

Treasury Secretary Scott Bessent defended the policy, stating, “We will have taken in about $100 billion in tariff income so far this year.” He noted that existing tariffs already cover sectors like steel, aluminum, and foreign-made cars and parts.

Meanwhile, Trump praised China’s recent cooperation and hinted that a letter to the European Union — still in talks — is likely forthcoming.

Tonight, the president is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu as he continues diplomatic efforts on the Gaza conflict. Trump also criticized Russian President Vladimir Putin, calling his comments on peace in Ukraine “meaningless.”

Credit: NBC News / Vaughn Hillyard
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