Trump Says He Won’t Extend Tariff Pause Past Aug. 1

Forbes

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Transcript

00:00The U.S. will reinstate so-called reciprocal tariffs against any country that does not

00:05strike a new deal with the U.S. by Friday, President Donald Trump reiterated Wednesday,

00:11confirming he wouldn't offer another extension for the pause on the so-called Liberation

00:15Day tariffs he announced in April.

00:18Trump initially announced a slate of steep tariff rates for most U.S. trading partners

00:22on his so-called Liberation Day in April that were set to take effect April 9, with

00:27a baseline tariff rate of 10% for all countries that weren't subject to higher levies.

00:33He then implemented a 90-day pause and extended the deadline to August 1 to give trading partners

00:38time to negotiate new deals, with a goal of announcing 90 trade deals in 90 days.

00:45The U.S. fell far short of that goal, but announced several frameworks for agreements with the

00:49European Union, United Kingdom, Vietnam, Japan, the Philippines, and Indonesia, with most rates

00:57between 15% and 20%.

01:00Trump said the August 1 deadline, quote, stands strong and will not be extended in a Truth

01:06Social post.

01:07In a subsequent post, Trump said he would implement a 25% tariff against India starting August 1,

01:14accusing them of having, quote, the most strenuous and obnoxious non-monetary trade barriers of

01:19any country.

01:21Trump said India would also face a penalty for buying a, quote, vast majority of their

01:26military equipment from Russia, at a time when everyone wants Russia to stop the killing

01:31in Ukraine.

01:33Trump threatened earlier this month to impose a 100% tariff on countries that buy Russian

01:38oil and gas if Russia does not reach a ceasefire agreement with Ukraine.

01:43India and China are the largest buyers of Russian oil.

01:47Trump on Tuesday said Russian President Vladimir Putin must agree to a ceasefire by August 8,

01:53reducing the 50-day deadline he set in July.

01:57For more on this story, check out the article at the link in the description.

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