US Tariffs Activate August 1 Without Extensions, Impacting Multiple Trade Partners

President Donald Trump's 'Liberation Day' tariffs, initially set to take effect in April but delayed twice, are now firmly scheduled to begin on August 1, with no further extensions or grace periods, according to Commerce Secretary Howard Lutnick. These tariffs impose a baseline rate of 10% on all imports, with customized rates affecting nearly every country, and are part of a broader administration effort to reshape global trade terms deemed unfair to U.S. industries. Despite the imminent enforcement, Trump remains open to negotiations with major economies, including ongoing talks with the European Union, China, India, and North American neighbors, though the final terms rest solely with him. The administration has secured trade deals with five countries—Britain, Vietnam, Indonesia, the Philippines, and Japan—while negotiations with India continue. Lutnick downplayed concerns over inflation caused by the tariffs and emphasized the potential revenue generation of up to $1 trillion annually. The looming deadline is exerting pressure on U.S. trading partners to finalize agreements, with Trump personally conducting negotiations, especially with the EU, as part of his four-day trip to the U.K.