Trump says August tariff deadline will not be extended
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The news: US President Donald Trump has said that extensions will not be granted to his new trade tariff deadline of 1 August 2025.
The context: Writing via Truth Social, Trump said: “TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted.”
Trump began notifying countries of the new trade tariff rates on Monday, ahead of the initial 9 July deadline for the so-called reciprocal tariffs to come into effect. The letters to 14 US trade partners set out duties on countries which had yet to reach a trade deal with the US, offering them a three-week extension to come to an agreement.
On Monday night, Trump had mentioned to reporters that the 1 August was “not 100% firm.” The caveat seemed to drive speculation about whether or not the President would follow through on the tariffs, resulting in a muted response by markets.
The numbers: Wall Street stocks briefly dipped to session lows after Trump’s “no extensions’ comments on Tuesday, with the S&P 500 down just 0.2% before recovering to trade flat. The Nasdaq composite was also trading flat after a brief sell-off.
The source: Trump Truth Social
