President Trump to extend ‘reciprocal’ tariff deadline to August 1: White House

President Donald Trump will sign an executive order formally extending the pause on reciprocal tariffs—initially set to begin on July 9—until August 1, 2025, said White House Press Secretary Karoline Leavitt on Monday, July 7.In the meantime, letters have been sent to Japan, South Korea and roughly a dozen other countries, warning of looming 25% tariffs on autos and 50% on steel and aluminum starting in August unless trade agreements are finalised.

Trump posted letters on Truth Social addressed to Japanese Prime Minister Shigeru Ishiba and South Korean President Lee Jae-myung, warning both nations against retaliatory measures.

“If for any reason you decide to raise your tariffs, then whatever the number you choose to raise them by will be added onto the 25% that we charge,” he wrote.

Trump has announced a new wave of tariffs targeting several countries. The United States will impose a 40% tariff on imports from Myanmar and Laos.A 30% tariff will be applied to goods from South Africa, while Kazakhstan and Malaysia will face a 25% tariff rate.

These measures are part of the Trump administration’s bid to pressure countries into trade negotiations and address what it views as unfair trade practices.

The S&P 500 fell nearly 1% in afternoon trading Monday, while yields on 10-year US Treasuries climbed to 4.39%, raising concerns about rising borrowing costs for consumers.

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