Tariff Surprise! US Department of Commerce: No More Extensions!

Gilles stated that as part of the first round of countermeasures, the EU will merge the previously imposed tariff list on 21 billion euros worth of US goods with the newly proposed additional tariff list covering 72 billion euros worth of US goods into a unified plan. According to informed sources, the list includes US products such as Boeing aircraft, automobiles, and bourbon whiskey, which will face tariff rates equal to those threatened by the US on EU goods.

The original deadline for the "reciprocal tariffs" grace period set by Trump was July 9th. As of July 9th, the United States had only reached trade agreements with the United Kingdom and Vietnam, and the details of these two agreements still require further refinement. Meanwhile, trade negotiations between the United States and the European Union, South Korea, India, and other countries have been progressing with difficulty, without any substantial breakthroughs.

Given the slow progress in negotiations, Trump extended the deadline for the "reciprocal tariffs" grace period to August 1st, and clearly stated that this date "will not change again." However, since July 9th, the United States has only announced trade agreements with Japan, the Philippines, and Indonesia.

On July 25th, when discussing trade negotiations with neighboring Canada, Trump stated that the U.S. side was "not having much luck" and that the two sides might not be able to reach a trade agreement through negotiations. On the same day, Trump also mentioned that most agreements had been finalized, but the agreements he referred to were not free trade agreements reached through bilateral negotiations, but rather letters unilaterally issued by the United States. He revealed: "August 1st is approaching, and we will complete most, if not all, of the agreements... I don't want to hurt (other) countries (and regions), but we will send out letters within a week, with the general idea being, 'You have to pay 10%, you have to pay 15%, you might pay a little less.'"

In fact, in early July, Trump had already sent letters to the leaders of over 20 countries, informing them of the imposition of tariffs ranging from 20% to 50% starting August 1. Additionally, on July 16, Trump stated his intention to uniformly impose tariffs on more than 150 of the United States' minor trading partners, with rates possibly ranging from 10% to 15%, although the U.S. side has not yet made a final decision on this matter.