Trump tariffs live updates: Trump does not expect to extend July 9 tariffs deadline: 'I don't think I'll need to'

Key Points

  • July 9 Tariff Deadline: President Trump stated he does not plan to extend the July 9 tariff deadline for countries to finalize trade deals with the US, though he noted flexibility to adjust it if needed.**
  • US-Canada Relations: Trump abruptly ended trade talks with Canada and threatened new tariffs within a week, citing Canada's digital services tax on tech companies as an attack on the US.**
  • US-China Trade Progress: A significant trade pact with China has been reached, with US tariffs on Chinese imports starting at 30% and China’s on US imports at 10%, alongside commitments on rare earth deliveries.**
  • Broader Trade Negotiations: The Trump administration is optimistic about finalizing trade deals with key partners by Labor Day, with ongoing talks involving the UK, EU, and others, despite looming tariff threats.**
  • Economic Uncertainty: The unpredictability of tariff deadlines and outcomes continues to create uncertainty for global markets and industries, such as fireworks, heavily reliant on imports.**

Summary

President Donald Trump has reiterated his stance on the July 9 tariff deadline, expressing confidence in not needing an extension while maintaining flexibility to adjust it. In a Fox News interview, he emphasized his administration's control over the timeline. Meanwhile, tensions escalated with Canada as Trump cut off trade talks and threatened new tariffs in response to a digital services tax, labeling it an attack on the US. On a positive note, a significant trade pact with China was secured, setting US tariffs at 30% and Chinese tariffs at 10%, with commitments on rare earths. The administration is also pushing to finalize deals with key partners like the UK and EU by Labor Day, though uncertainty persists with looming tariffs up to 50% on EU imports. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick expressed optimism about stabilizing trade relations, but mixed signals on deadlines have left markets and industries, such as fireworks reliant on Chinese imports, on edge. Trump's broader trade agenda, a centerpiece of his 2024 campaign, continues to shape global economic dynamics as negotiations with multiple countries remain unresolved with just weeks to go.

yahoo
June 30, 2025
Stocks
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