Treasury secretary says countries without trade deals will see tariffs 'boomerang' to April rates by Aug. 1
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Trump Sets Aug. 1 Deadline for Trade Deals, Higher Tariffs
Above: Traders work on the floor of the New York Stock Exchange (NYSE) on July 7, 2025 as President Donald Trump makes new tariff announcements. Image copyright: Spencer Platt/Getty Images
The Spin
Republican narrative
Trump's tariff strategy creates necessary leverage to rebalance decades of unfair trade relationships that have cost American jobs and factories. The 90-day pause allowed countries time to negotiate, but many have been dragging their feet instead of offering meaningful concessions. Now they must face the consequences of their stalling.
Democratic narrative
Trump's chaotic tariff threats have created dangerous uncertainty for businesses and consumers while risking a global trade war that could trigger a recession. The president appeared confused about his own deadline Sunday, requiring his commerce secretary to clarify the policy. American families are going to pay the price for Trump's recklessness.
Metaculus Prediction
There's a 7% chance that the U.S. Congress will pass a bill implementing Trump's tariff policies in 2025, according to the Metaculus prediction community.