President Donald Trump is holding firm on his Friday deadline to slap tariffs on countries without a trade agreement with the US.
Trump looked to defy his “TACO” – “Trump Always Chickens Out” – nickname by saying that his cut-off point will not be extended beyond August 1.
“THE AUGUST FIRST DEADLINE IS THE AUGUST FIRST DEADLINE — IT STANDS STRONG, AND WILL NOT BE EXTENDED. A BIG DAY FOR AMERICA!!!” Trump wrote on his Truth Social social media platform on Wednesday.
Trump earned the sobriquet from the financial press for repeatedly delaying new taxes on goods sent to the US.
The president has spoken about agreements on trade deals with the European Union and nations including the UK and Japan, though many of the details have yet to be formalised.
It means a slew of countries will face higher tariffs under Trump’s “Liberation Day” trade policy, a plan most economists say will lead to higher prices for American consumers.
The list looks likely to include India, which has the world’s fifth-largest economy, after Trump said on Wednesday the country faces a 25% tariff from Friday, plus an additional import tax because of India’s purchasing of Russian oil.
Trump said on Truth Social that India “is our friend,” but its “Tariffs are far too high” on US goods.
The president has used tariffs as a battering ram to reshape global trade in America’s favour, though the move has created economic uncertainty amid fears the policy will cause a US slowdown and stoke inflation.
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