 "'There will be no change': Trump says no extension on new Aug 1 deadline as he threatens more tariffs")
US President Donald Trump has said that there will be no further extension of the August 1 deadline to lift the pause on retaliatory tariffs as the country’s trading partners scramble to negotiate new deals.
In a post on Truth Social, Trump wrote, “As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change."
The president has begun taking a tougher stance on tariffs since the beginning of this week after announcing that the previous deadline of July 9 will be pushed to August 1.
Trump sent letters to trading partners, including key US allies Japan and South Korea, announcing that duties he had suspended in April would snap back even more steeply in three weeks.
10% tariffs on Brics
While India and the US inch closer to inking a trade deal, Trump announced late on Tuesday that he would impose a 10 per cent tariff on Brics nations , which includes New Delhi.
“They (India) have to pay 10 per cent if they are in Brics, because Brics was set up to hurt us, to degenerate our dollar, to take it off as a standard. That is okay if they want to play their game, I can play their game too. So anybody that is in Brics is getting a 10 per cent charge," the president said.
Donald Trump said he doesn’t see Brics as a serious threat but accused the group of trying to weaken the US dollar so another country’s currency could become the global standard. “We are not gonna lose the standard,” he said.
Impact Shorts
More ShortsMore duties on copper
Trump also announced plans for a separate 50 per cent duty on copper imports . The copper levy would broaden a slate of sector-specific actions Trump has imposed since returning to the White House, and sent prices for the metal soaring.
“Today we’re doing copper,” the president told a cabinet meeting Tuesday. “I believe the tariff on copper, we’re going to make it 50 per cent.”
Commerce Secretary Howard Lutnick told CNBC shortly afterward that the rate will likely be implemented at the end of July or on August 1.
Trump also said Washington would soon make an announcement on pharmaceuticals, but officials would allow manufacturers time to relocate their operations into the country.
With inputs from agencies
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