Trump says he won't punt on tariffs again, may set EU rate soon

Stephanie Lai, Bloomberg News on Jul 8, 2025

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WASHINGTON — President Donald Trump said he would not offer any extensions for the implementation of increased tariffs on many goods imported into the U.S., pledging that new rates would hit at the beginning of August.

“TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,” Trump wrote on his Truth Social platform on Tuesday. “In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted.”

Trump began notifying trading partners of the new rates on Monday ahead of what was initially a deadline this week for countries to wrap up trade negotiations with his administration.

But the new letters, unilaterally setting duties on countries that had failed to reach deals, came alongside an executive order delaying the tariff date for three weeks, effectively giving trading partners an extension for talks. Trump also said Monday night that his Aug. 1 deadline was “not 100% firm” when speaking with reporters, indicating then that he could be swayed by offers of additional concessions.

That caveat — paired with Trump signaling that he was still negotiating additional deals — fueled skepticism among some in Washington and on Wall Street that the president would follow through on his latest tariff threats.

On Tuesday, Trump adopted a more strident tone as he addressed reporters during a Cabinet meeting, saying that despite previously indicating he was close to a trade deal with India, he still planned to punish the country for its participation in the BRICS forum. Trump said the group of developing countries was “set up to hurt us.”

“I can play that game too so anybody that’s in BRICS is getting a 10%” tariff addition, Trump said.

Trump also said that he was close to sending the European Union a letter unilaterally setting tariff rates, despite reported progress in trade talks with the bloc. The president said that while European nations were now “treating us very nicely,” he remained frustrated over longstanding trade deficits and digital services taxes and fines impacting U.S. technology companies.

“We’re probably two days off from sending them a letter,” Trump said.

And, Trump said, he would impose tariffs of 60% or 70% on some nations as he issued additional letters in the coming days.

“I just want you to know a letter means a deal,” Trump said.

Trump’s latest posturing came after traders seemed to initially shrug off his tariff demand letters issued Monday. But following his post on Tuesday, equities hit session lows, suggesting traders may believe the president is hardening in his determination to push forward.

The move was only the latest in a trade agenda that has seen numerous delays and reversals as Trump has used the threat of tariffs to reshape global trade flows and pressure companies to shift more manufacturing jobs to the United States, roiling financial markets in the process.

Trump initially announced the higher reciprocal rates on over 50 trading partners on April 2, but lowered those rates temporarily to 10% for 90 days, allowing time for negotiations. That deadline was set to expire this week, but Trump signed an executive order on Monday pushing implementation until Aug. 1.

While the administration initially talked up plans to hold concurrent negotiations with dozens of partners, so far the U.S. has only finalized framework trade deals with the U.K. and Vietnam — with many key details still unresolved — and achieved a truce with China to lower rates, while Trump has indicated a preference for just unilaterally imposing rates on countries.

The tariff notifications sent on Monday largely kept in place the rates Trump had earlier said nations would face if talks did not secure agreements. Japan and South Korea were hit with 25% tariffs, while South Africa received a 30% and Laos and Myanmar were hit with 40% levies.

Trump has warned nations not to retaliate, saying that any moves to counter the US would see duties increased by that amount.