On July 8 (local time), US President Donald Trump announced on the social media platform Truth Social that the deadline for implementing "reciprocal tariffs" is August 1, 2025, and "there has been no change to this date."
"There has been no change to this date, and there will be no change," Trump wrote. "In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted."
However, during a White House dinner on July 7 with Israeli Prime Minister Benjamin Netanyahu, Trump addressed the tariff issue and reiterated the August 1 start date, though he left room for potential adjustments.
"I would say firm, but not 100 percent firm. If they call up and they say would like to do something a different way, we're going to be open to that. But essentially that's the way it is right now," he said.
Trump initially announced the "reciprocal tariffs" policy on April 2, which caused significant turmoil in the US financial markets. Under pressure, the president suspended the tariffs for 90 days on April 9, maintaining a 10% "baseline tariff" in the interim.
On July 7, Trump signed an executive order extending the "tariff deadline," pushing the implementation date from July 9 to August 1. He also revealed plans to impose tariffs ranging from 25% to 40% on imports from 14 countries, including Japan and South Korea.
Trump shared letters addressed to the leaders of these nations—Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand—explaining the rationale behind the tariffs. He clarified that these new tariffs would not affect duties on other industries.
The announcement of increased tariffs sparked widespread concern, leading to a sharp decline in US stock markets on July 7 as major indices dropped across the board.
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