U.S. President Donald Trump's 90-day pause on global tariffs announced in April is nearing its expiration, and the White House warned that steeper tariffs could roll out at the beginning of August.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

The White House has issued a warning to U.S. trading partners that higher tariffs may be implemented if new trade deals are not finalized by the beginning of August. This follows a 90-day pause on global tariffs announced by President Trump to facilitate negotiations. So far, only two agreements have been reached, with the United Kingdom and Vietnam, while talks with other nations continue.

Trade negotiations are described as complex and time-consuming, and the administration acknowledges that the August deadline could be flexible if progress is made. Letters have been sent to at least a dozen countries urging them to finalize agreements promptly, or face a return to higher tariff rates.

White House warns higher tariffs could roll out August 1

White House is putting pressure on US trading partners this week to sign new tariff deals. The administration says countries have until August 1st now to negotiate trade deals with the US, or their tariff rates will return to higher levels. Nancy Cordes is tracking the latest on trade, and she joins us now from the White House with more on this. Good morning to you, Nancy. You know, you might imagine that some nations might welcome an additional extension, but there's such inconsistency since this was the lifting of the pause that the president put in place for 90 days. So please help us understand what's happening right now. You know, they're right to be confused, frankly, Errol, because the deadlines do change, and sometimes the deadlines are hard and fast, and sometimes they aren't. What is happening now is that if you'll recall back in April when the president first announced that he was imposing higher tariffs on virtually every country in the world, there was market upheaval. There was a lot of alarm about what this was going to do to the global economy if virtually all goods coming into the United States suddenly became more expensive. And so the president agreed to place a 90-day pause on his tariffs, and he said that he would open negotiations with all of these countries simultaneously and come to some kind of agreement that would lead to tariffs maybe going up, but not quite as high as the 40 or 50 percent that he was threatening. The problem is that these kinds of trade deals are very delicate. They are very complicated. It often can take months, if not years, to cut a deal with one single country, one major trading partner, let alone dozens and dozens like they're trying to do right now. And so even though the administration had promised there would be 90 deals in 90 days, we are now nearly at the 90-day mark, and there have only been two deals, one with the U.K., one with Vietnam, and there are still a lot of details that have to be worked out with those two countries. And so what the president is now saying is that other major trading partners will have a few more weeks to kind of come back with their best offer, get their deal solidified before August 1st, or he's going to sort of let his original tariff rates snap back into place. So it's basically a warning or a threat, if you will, to other countries, hey, even if you're not happy with where these deals stand, even if you've got outstanding concerns, send us your best offer, cut a deal with us, sign on the dotted line, or you are going to see your tariff rates increase. The caveat here is, Errol, that the Treasury Secretary and other White House officials have indicated that there's even some wiggle room with that August 1st deadline, that the president retains the right, if he thinks he's close to a deal with any particular country, to allow that August 1st deadline to slip even further. But President Trump says there are letters going out today warning at least 12 to 15 countries that they've got to get on the stick and finalize their deals very quickly. Don't know about you in college, Nancy, but anytime I had a professor who I discovered was lenient on deadlines, oh, I would milk that thing for weeks if I could. So I don't know that the constantly moving goalposts is such a good thing, but we shall see. You probably turned your stuff in early, knowing Nancy Cordes. No, I'm a last minute girly, always have been. Driven by the deadline, right? Nancy Cordes, great to chat with you this morning. Thanks so much. You too, Errol.

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White House warns higher tariffs could roll out August 1

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