President Donald Trump has announced that he will not extend the current pause on tariffs beyond July 9. This pause, which has lasted for 90 days, was intended to give the U.S. time to negotiate trade agreements with various countries. Trump stated that countries will be notified soon that trade penalties will resume unless agreements are reached.
In an interview with Fox News, Trump explained that letters would be sent to countries detailing the tariffs they would face, which could range from 10% to 50%. He emphasized that the U.S. would consider how each country treats America when deciding on tariffs.
The administration had aimed to finalize 90 trade deals within the 90-day period, but Trump acknowledged the challenge of negotiating with over 200 countries. He noted that while some nations may not be a priority, others could face significant tariffs.
This announcement comes amid ongoing tensions regarding trade, particularly with Canada. Recently, Trump suspended trade talks with Canada, citing the country’s plan to impose a digital services tax on American tech companies. This decision marks a shift from a commitment made earlier to ease tariffs by mid-July.
In addition to trade discussions, Trump also touched on other topics during the interview, including potential deals related to TikTok and U.S. relations with China and Iran. He mentioned that a group of wealthy investors is interested in purchasing TikTok, although he did not provide specific details about the deal.
Overall, Trump’s decision to not extend the tariff pause signals a return to stricter trade policies, which could have significant implications for international relations and global markets. As the deadline approaches, countries will need to quickly assess their strategies to avoid the reimposition of tariffs.