Trump Administration Extends Deadline for New Tariffs to August 1

The Trump administration's deadline for trading partners to renegotiate their agreements with the U.S. might be slipping toward the start of August, which would give countries about three more weeks if it's extended beyond Wednesday.

During an exchange with reporters Sunday in New Jersey, President Donald Trump spoke about the pending July 9 deadline for countries to strike new trade deals with the U.S. or else face a barrage of reciprocal tariffs. A three-month pause of those tariffs set to expire Wednesday was originally meant to give U.S. officials more time to bargain over global commerce.

"The tariffs are going to be the tariffs. I think we'll have most countries done by July 9th," Trump said. "Either a letter or a deal."

Commerce Secretary Howard Lutnick briefly interjected and added to the president's answer. "But they go into effect on Aug. 1," he said. "Tariffs go into effect Aug. 1, but the president is setting the rates and the deals right now."

It was the latest sign from Trump administration officials that the self-imposed deadline may be extended to avoid triggering another round of disruption in financial markets. Trump's first attempt at reciprocal tariffs on April 2, which he proclaimed "Liberation Day," lasted a week before the White House scaled most back under threat of a sustained sell-off in bond markets.

Now, the Trump administration is signaling that it will be pressing foreign governments to pick up the pace or else those punishing import duties will be restored.

"President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level," Treasury Secretary Scott Bessent said Sunday on CNN's "State of the Union."

"We're going to be very busy over the next 72 hours," he also said. So far, the U.S. has negotiated interim trade deals with China, the U.K. and Vietnam. The Trump administration announced on Wednesday that Vietnam had agreed to a 20% import duty on its products.

It's unclear what specific tariff levels the White House will attempt to lock in. Trump, though, did offer a hint on Friday, just hours after signing the GOP's sweeping domestic policy bill into law. “They’ll range in value from maybe 60 or 70& tariffs to 10 and 20% tariffs," Trump said.