Trump says August 1 tariff deadline won't change

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U.S. President Donald Trump confirmed that new reciprocal tariffs on 14 countries will take effect August 1 with no extensions. The tariffs target key partners like Japan, South Korea, India, and the European Union. Treasury Secretary Scott Bessent said the U.S. has already collected $100 billion this year and expects over $300 billion by year-end. Japan and South Korea have begun talks to ease the impact, while Trump said a deal with the EU is close. Agreements with Britain and Vietnam are already in place, and India may follow soon. Although a U.S.-China trade framework was agreed in June, key details are still pending ahead of an August 12 deadline. Trump said relations with China have improved and praised President Xi’s cooperation. Economists warn the tariffs could raise prices and stall growth, but Trump insists they are necessary to protect U.S. interests and generate major revenue.