Trump Pushes Global Trade Reset with New Tariff Deadlines and Deal Pressure

Picture Credit: nytimes.com

President Donald Trump announced on Sunday that the United States is nearing the completion of several trade agreements and will formally notify other nations of higher tariff rates by July 9, with new rates set to take effect on August 1. This move marks a pivotal moment in the trade war that has disrupted global markets since Trump took office.

In April, Trump proposed a base 10% tariff on most countries, with rates climbing as high as 50%. While he delayed implementation for many nations, the upcoming July 9 deadline offers a short reprieve. Trump’s updated policy also targets countries aligning with BRICS—Brazil, Russia, India, China, and South Africa—adding an additional 10% tariff with no exemptions.

Commerce Secretary Howard Lutnick confirmed the August 1 implementation, saying Trump is “setting the rates and the deals right now.” Trump also announced that official tariff notices would begin dispatching from Monday afternoon.

Despite his hardline stance, some flexibility remains. White House officials indicated that countries actively negotiating could see deadline extensions. Talks with India and the European Union have shown progress, with multiple U.S. advisors expressing optimism.

Picture Credit: bbc.com

Treasury Secretary Scott Bessent said the U.S. will notify 100 smaller trade partners and emphasized urgency, warning that nations not finalizing deals would revert to the harsher April 2 tariff levels.

Meanwhile, Thailand has increased its offer on U.S. market access, and India may close a mini trade deal within days. Frameworks with Britain and Vietnam are being used as models, with the Vietnam deal described as heavily favoring U.S. interests.

As global leaders express concern over escalating tariffs, the world watches closely to see how many deals will materialize—and how many economies will bend to avoid Trump's looming tariff hammer.