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

Maritime Shipping Network 2025-07-28 09:38:02

According to CCTV News, on July 27 local time, U.S. Commerce Secretary Raimondo stated in an interview that the United States will not extend the deadline for the additional tariffs imposed on August 1.

European Commission President Ursula von der Leyen is scheduled to meet with U.S. President Trump on July 27 to focus on trade issues. Trump previously stated that there is a 50% chance of reaching an agreement with the EU. The EU, on the other hand, has indicated that if a satisfactory trade agreement cannot be reached with the U.S. before the tariffs take effect on August 1, the EU plans to swiftly impose additional tariffs on nearly 100 billion euros worth of American goods.

Lutnik stated that the goal of U.S. President Trump’s negotiations with the European Union is to open the European market to American exports. Europe needs to reach an agreement with the United States and also hopes to do so. Lutnik pointed out that the current issue is whether the agreement offered by the EU is good enough for Trump to abandon the threat of a 30% tariff.

Previously, leaders from the EU and several European countries have stated that if a satisfactory trade agreement with the US cannot be reached before the US tariff measures take effect on August 1, the EU will take countermeasures to respond to the US tariffs. On July 23, European Commission spokesperson Olof Gill stated that if trade negotiations between the EU and the US break down and the US imposes high tariffs on EU goods, the EU plans to swiftly impose tariffs on nearly 100 billion euros worth of US goods. The countermeasures will take effect on August 7.

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.

With the August 1st deadline approaching, only five agreements have been reached.

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.

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

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