The U.S. has set a firm August 1 deadline for imposing new tariffs on dozens of countries, including the European Union, with no further extensions or grace periods. Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent have emphasized that the U.S. is seeking better trade deals and will use the threat of tariffs as leverage. The Trump administration is demanding that the EU open its markets to U.S. exports to avoid steep tariffs, while similar hardline negotiations are ongoing with China and Japan. The administration claims these tariffs could boost U.S. GDP growth, but there are concerns about higher consumer prices and potential trade wars. As the deadline approaches, intense negotiations are underway, but the U.S. insists that deal quality is more important than speed.
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