Tariff Deadline Looms as Trump Takes Hard Stance on Trade Deals

WASHINGTON, D.C. — President Donald Trump announced a firm deadline of August 1 for trade deals, declaring there will be no further extensions as he intensifies his stance on international tariffs.

During a Cabinet meeting on Tuesday, Trump emphasized the urgency of reaching agreements with foreign nations on trade or face steep tariffs. “You should expect another 15-20 letters over the next two days, setting down tariff lines for key driving countries,” said Commerce Secretary Howard Lutnick.

Trump’s announcement comes as U.S. stock futures rose early Wednesday despite his prior threats regarding tariffs, indicating that markets might be relatively unfazed. Matt Stucky, chief portfolio manager at Northwestern Mutual Wealth Management, stated, “I don’t think markets are all that concerned with tariffs at this point.”

In the forex markets, Carol Kong, an economist at CBA, noted that currency volatility could increase as tariffs and trade deals are announced. Following Trump’s declaration, he mentioned that he may send a letter to the European Union within two days, expressing dissatisfaction with EU policies toward U.S. technology companies.

The upcoming deadline has prompted speculation on the impact of tariffs on commodity prices. U.S. copper prices soared to an all-time high after Trump announced a 50% tariff on copper imports, while gold prices dipped amid rising Treasury yields.

Analysts from ING suggested that this surge in U.S. copper prices might halt once tariffs are officially implemented. “Yet this will be bearish for LME prices, with the wave of copper rushing to the U.S. likely to stop once the tariffs are implemented,” they indicated.

As these developments unfold, trade negotiations remain a central focus for both U.S. and European officials, highlighting the ongoing complexities of international trade relations.