WASHINGTON — President Donald Trump said Tuesday he will not extend the new August 1 deadline he set for U.S. trading partners to negotiate new deals or risk higher tariffs on imported goods.
“As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025,” Trump wrote on Truth Social. “There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter!”
As he conducted his sixth cabinet meeting of his administration, Trump attempted to clarify his statement.
“The deals are mostly my deal to them,” Trump said. “We’re picking a number that’s low.”
Treasury Secretary Scott Bessent said the United States has taken in more than $100 billion in tariff revenue.
“We will have taken in about $100 billion in tariff income thus far this year,” Bessent said. “And that’s with the tariff — the major tariff not having started until the second quarter. So we could expect that could be well over 300 billion by the end of the year. We don’t agree with CBO scoring, but for those who do, the CBO scored tariff income over the next ten years at 2.8 trillion, which we think is probably low.”
Additionally, Trump said Tuesday he’s imposing a new 50% tariff on all copper imported into the U.S.
“Today we’re doing copper,” he said.
Copper is a key component in a variety of goods, including electronics, machinery and cars. Tariffs on copper could make those goods more expensive for Americans.
Currently, most imported cars and car parts face a 25% tariff, while imported steel and aluminum both face 50% tariffs.
