U.S. President Donald Trump says there will be no extensions beyond August 1 for countries targeted by his so-called "reciprocal" tariffs. It comes after Trump announced new tariffs on 14 countries on Monday. He has also announced a 50 percent tariff on imported copper, with other industries bracing for new announcements. U.S. President Donald Trump says there will be no extensions beyond August 1 for countries targeted by his so-called "reciprocal" tariffs.
00:00It's been a busy few days at the White House.
00:03U.S. President Donald Trump has doubled down on an August 1st deadline for new tariffs announced on Monday.
00:09Fourteen countries, including South Korea and Japan, will be slapped with new levies if they don't reach a deal with the U.S. before then.
00:15The big money will start coming in on August 1st. I think it was made clear today by the letters that were sent out yesterday and today.
00:25Trump also announced his next target for imported metals, copper, a key component in electric vehicles and military equipment, which he says will be hit with a 50 percent tariff.
00:36We did steel, as you know, 50 percent. We did aluminum, 50 percent. Lumber just came out.
00:43We're entering that's copper.
00:44And we did cars. Cars. And now today we're doing copper.
00:49But it's not just the copper industry that will be bracing itself.
00:52Trump hinted a tariff as high as 200 percent on imported pharmaceuticals could be coming soon, as well as semiconductors, a big concern for Taiwan.
01:03It's still unclear when exact details will come, but Trump says he'll be making several trade-related announcements throughout Wednesday, affecting at least seven countries.
01:13And with world leaders bracing for a hit, the Trump administration has high hopes for how much it'll be raking in.
01:20We will have taken in about $100 billion in tariff income thus far this year, and that's with the major tariffs not having started until the second quarter.
01:33So we could expect that that could be well over $300 billion by the end of the year.
01:38But there are fears these new announcements could reignite trade tensions between the U.S. and China.
01:43Beijing has warned countries about striking deals with the U.S. that cut out China, warning the Trump administration about restoring tariffs on its goods next month.
01:53Trump has given them until August 12 to reach a deal and remains positive.
01:58I do want to say that I think we have had a really good relationship with China lately, and we're getting along with them very well.
02:08They've been very fair on our trade deal.
02:11With high-stakes tariffs looming and global markets on edge, the Trump administration is doubling down on its America First trade policy.
02:20But as deadlines loom, U.S.-China tensions look set to reignite.
