U.S. President Donald Trump announced the introduction of new tariffs set to begin on August 1, 2025, ruling out any changes or exceptions.
Confirmation of the Tariff Deadline
Trump stated that there will be no changes to the deadline, confirming that all countries must start paying full tariffs starting August 1, 2025. He made this statement on his Truth Social account, declaring: "TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change."
Discussion of Tariff Consequences
Despite Trump's assurances about the firm deadlines, his administration continues to send notifications to countries that have not reached new trade agreements with the U.S. On Monday, the administration issued an executive order that initially offered a possibility for an extension of the deadlines. However, by Tuesday, Trump indicated that this option was closed.
Economic Predictions and Expert Opinions
Economists are still watching for potential price increases tied to the new tariffs. As noted by Stephen Miran, chair of Trump's Council of Economic Advisers, "one should always speak in terms of odds and possibilities." He provided data indicating that tariffs have not yet caused inflation spikes, although some products have already seen price increases.
In conclusion, the established deadlines for tariffs remain unchanged, and countries failing to reach agreements with the U.S. by August 1, 2025, will face new economic conditions. Experts continue to debate the potential outcomes and the impact of tariffs on prices.
