The United States maintains August 1st as the deadline for the entry into force of new tariffs applied to dozens of trading partners, a decision reaffirmed by the Secretary of Commerce, Howard Lutnick.
“There will be no extensions or further grace periods. The tariffs will be set on August 1st. They will enter into force. Customs will begin collecting the money and that’s it,” Lutnick told Fox News, confirming that the current administration does not contemplate extending the deadline to reach bilateral agreements before the imposition of tariffs. The U.S. government officially notified leaders of numerous nations about the implementation of these tariffs, the White House confirmed.
As of August 1st, imported products from countries such as Canada, Mexico, Japan, the European Union, Brazil, South Korea, Cambodia, and Bangladesh will face differentiated tariffs, with duties ranging from 25% to 50% depending on the country and sector. The goal, according to U.S. officials, is to incentivize the signing of individualized trade agreements that, if reached before the deadline, could guarantee preferential conditions regarding the announced tariffs.
Lutnick emphasized that the entry into force of the tariffs does not close the door to future negotiations. He stated that President Donald Trump remains willing to strike deals even after August 1st, especially with those countries that demonstrate a willingness to modify trade practices that the U.S. administration considers unfair.
In Scotland, Trump is leading meetings with representatives of the European Union to try to reach last-minute consensus. “They hope to reach a deal, and that depends on President Trump, who is leading this negotiation table. We set the table,” explained Lutnick, referring to the dynamic with the EU. To date, only Great Britain, Vietnam, Indonesia, the Philippines, and Japan have agreed to sign trade agreements with the U.S. administration, accepting tariff levels above the general 10%, but far from the maximums proposed for nations that fail to reach agreements.
The economic impact of the measure generates concern among specialists. According to ABC News, the tariffs could translate into immediate price increases for everyday goods like coffee, footwear, and appliances. The Yale Budget Lab estimated that, if the tariffs are fully reflected in consumer prices, American households could face an average annual cost increase of $2,400. The tariff policy already includes a 50% tax on copper, with foreseeable effects on the construction and electric automotive industries.
The government’s roadmap proposes tariffs of 50% for Brazil, 35% for Canada, 30% for the European Union and Mexico, and 25% for Japan and South Korea. For their part, Cambodia and Bangladesh—key clothing suppliers—will face tariffs of 36% and 35%, respectively. According to Karoline Leavitt, a White House spokesperson, the tariffs aim to pressure for the signing of bilateral agreements under U.S. terms. “The President and his trade team want to achieve the best deals for the American people and the American worker,” stated Leavitt.
The reciprocal strategy represents an intensification of the previous trade policy.
Steel and aluminum maintain a 50% levy, and products from Mexico and Canada are subject to 25%, with exceptions under the United States-Mexico-Canada Agreement (USMCA). Although some high tariffs have been reduced in recent weeks or remain pending while judicial disputes are resolved, the administration notified the involved countries by letter of the deadline’s maintenance, which increases the negotiating pressure.
Secretary Scott Bessent of the Department of the Treasury indicated that there is room to consider limited extensions only in cases of “productive negotiations,” although he emphasized that “we will see what the president wants to do.” The measures resemble those the government attempted to implement on the past April 2nd, when the market reaction led to a negative stock market day.
Source: Infobae
