① On July 30, local time, a White House official told the media that Trump will sign an executive order on July 31 to implement higher tariff rates for many countries that fail to reach trade agreements before the August 1 deadline;
② These countries may include some of America's largest trading partners, including Canada, Mexico, etc.
Finance Association, July 31 (Editor Bian Chun) According to CCTV news and other media reports, on July 30, local time, a White House official told the media that Trump will sign an executive order on July 31 to implement higher tariff rates on many countries that fail to reach trade agreements before the August 1 deadline. It may include several of America's largest trading partners, including Canada, Mexico, etc.
At the beginning of April, Trump announced the imposition of 10% to 50% “equal tariffs” on nearly 60 trading partners, then granted a 90-day moratorium to allow negotiations. Afterwards, he extended the moratorium until August 1 and sent letters to dozens of trading partners threatening to levy tariffs of varying degrees, even higher than those announced in early April.
As the “equal tariff” deadline of August 1 is approaching, the US has reached agreements with some of its trading partners in recent days, including the European Union, Japan, South Korea, etc. However, there are still some major trading partners of the United States that have yet to reach an agreement with them, such as Canada and Mexico.
Since it was first announced that “equal tariffs” will be imposed on dozens of trading partners on April 2, Trump has postponed the tax date twice. Unlike before, the White House has insisted many times recently that the “tariff limit” will not be extended again.
“The August 1 deadline is the August 1 deadline — it's fixed and won't be extended. This is a big day for America!” Trump said in an article on the social media platform Truth Social on Wednesday.
Earlier, US Commerce Secretary Lutnick said in an interview on July 27, local time, that the US will not extend the period of additional tariffs imposed on August 1. However, he also said that President Trump is still willing to continue negotiations even after the tariffs come into effect.
Late on Wednesday, Trump took a series of tariff actions, including: announcing that the US has reached a trade agreement with South Korea and that the US will levy 15% tariffs on South Korea; issuing an executive order to raise Brazil's tariffs to 50%; announcing that a 25% tariff will be imposed on imported semi-finished copper Commodity and copper-intensive derivatives from August 1; and suspending duty-free treatment for low-value goods.
Set your sights on countries such as Canada and Mexico
Right now, as the August 1 tariff deadline approaches, people are turning their eyes to some of the other countries that trade the most closely with the US, including America's neighbors Canada and Mexico.
On July 10, local time, Trump announced that a 35% tariff will be imposed on Commodity imported from Canada starting August 1.
Canadian Prime Minister Mark Carney sent his senior aides and other key trade officials to Washington for talks this week. He recently said that Canada will make reasonable efforts with the Trump administration at the negotiation table to secure the most favorable trade agreement for Canada.
On July 12, local time, Trump announced that a 30% tariff will be imposed on Commodity imported from Mexico from August 1.
Mexican President Claudia Schenbaum said earlier this week that she still hopes to reach an agreement by Friday. She said last week that efforts are being made to prevent the US from imposing taxes on Mexico from August 1. If an agreement cannot be reached with the US at that time, she will not rule out seeking Mandarin with Trump.
Edit/Jeffy