Trump Asserts August 1 Deadline – 'It Stands Strong, And Will Not Be Extended'
Synopsis
President Donald Trump’s comments come after Commerce Secretary Lutnick and other officials stated that the deadline was unlikely to shift, with no extension or grace periods planned beyond August 1.
U.S. President Donald Trump said on Wednesday that the August 1 deadline for trading partners to finalize trade deals with the United States will not be extended.
“IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!” Trump wrote in a post on Truth Social.
U.S. equity markets were trending higher in pre-market trade ahead of the Federal Reserve’s decision on interest rates later on Wednesday. The SPDR S&P 500 ETF (SPY) gained 0.15%, while the SPDR Dow Jones Industrial Average ETF (DIA) edged 0.4% higher. The Invesco QQQ Series 1 Trust (QQQ) was up 0.24%.
On Stocktwits, retail sentiment around SPY jumped to ‘extremely bullish’ from ‘bullish’ over the past day. Meanwhile, retail sentiment around DIA remained in the ‘bullish’ zone.
Trump’s comments come after Commerce Secretary Lutnick and other officials stated that the deadline was unlikely to shift, with no extension or grace periods planned beyond August 1.
Once the Friday deadline passes, tariffs will be as high as 50% on specific countries and products. Examples include a 50% tariff on Brazil and 35% on Canada.
Some countries, like the Philippines, Vietnam, and Indonesia, have reached new trade deals to avoid the tariffs. However, for others, like India and China, negotiations are still ongoing. India has been warned of a possible tariff rate between 20% and 25%, though no formal letter has been issued yet.
U.S. Treasury Secretary Scott Bessent said on Tuesday, after negotiating with his Chinese counterparts in Stockholm, that China and the U.S. have agreed to extend the tariff truce between the two countries. However, he added that the final decision lies with Trump, and he will decide how long the truce can be extended.
Read also: Bitcoin Price Wobbles Ahead Of Fed Meeting As Trump’s Tariff Clock Ticks Down
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