President Donald Trump has extended his administration's sweeping new tariff rollout to Aug. 1, following internal pressure from Treasury Secretary Scott Bessent, who reportedly requested more time for countries to strike bilateral trade deals. The deadline, originally set for July 9, will now serve as the final opportunity for over two dozen U.S. trading partners to avoid steep import duties.
According to the Wall Street Journal, Bessent—who has emerged as one of the most influential figures in Trump's second-term economic team—convinced the president to hold off on immediate enforcement, citing ongoing negotiations with key allies.
Formal tariff notices have now been sent to at least 14 countries, including China, Japan, South Korea, the European Union, Mexico, and South Africa, with more nations expected to receive what Trump officials describe as "general tariff letters." The total number of countries targeted could exceed two dozen, as reported by Reuters.
The proposed tariffs range from 25% to 50%, with possible spikes as high as 200% on sensitive categories like pharmaceuticals, copper, and medical devices. On Tuesday night, Trump reaffirmed his position, stating, "These tariffs are not a threat—they're a certainty," adding, "the only question is who gets an exemption and who doesn't," as quoted by The Guardian.
One of the most immediate economic effects has been in the copper market, where prices surged to record highs following the announcement of a confirmed 50% tariff on copper imports. As noted by The Guardian, market analysts say the surge reflects concerns about supply disruptions and global reshuffling of industrial metals sourcing.
The European Union, meanwhile, is actively negotiating with the White House. The Guardian's Brussels bureau reports that European Commission President Ursula von der Leyen proposed a 10% flat tariff structure in exchange for sectoral exemptions on autos, steel, and medical equipment. Japan, Mexico, and South Korea are also seeking exemptions but have yet to announce formal agreements.
Despite the scale of Trump's trade maneuvering, U.S. markets held steady. As reported by the Wall Street Journal, the Dow Jones rose 0.3%, the S&P 500 gained 0.2%, and the Nasdaq was flat in early trading Wednesday, with investors apparently betting that exemptions or soft landings will reduce the immediate impact.
The tariff plan is part of Trump's broader "Liberation Day" trade doctrine, launched in April and grounded in emergency authorities under the International Emergency Economic Powers Act (IEEPA). The framework established a 10% universal tariff floor on most imports, and was followed in June by Section 232 tariff hikes on steel and aluminum to 50%, along with new national security reviews on semiconductors, pharmaceuticals, and rare earth elements, as noted in a WhiteHouse.gov fact sheet (archived).
With Aug. 1 now positioned as the final line in the sand, Trump has made clear that any country failing to reach a deal by that date will face full tariff enforcement—no exceptions, no further delays.
This story will be updated as further developments emerge.
