Post by : Jyoti Gupta

Photo:Reuters

U.S. President Donald Trump has said that the upcoming deadline in early July, when high tariffs are supposed to return on imports from many countries, might not stay the same.

When asked if the July 9 deadline was final, Trump said, “No. We can do whatever we want.” He added that the U.S. could either extend the deadline or shorten it.

This deadline relates to two important dates:

• July 8: The end of a 90-day pause on high tariffs Trump had previously announced.
• July 9: The deadline for making a trade deal with the European Union before a 50% tariff kicks in on EU goods.

Back in April, Trump signed an order lowering country-specific tariffs to 10% for 90 days, giving time to make new trade deals. If this order isn’t changed, the higher tariffs—some nearly 50%—will return automatically.

So far, the U.S. has only made basic trade deals with China and the U.K., and none are fully complete. Trump said deals are being discussed with several countries, but over 200 countries are on the tariff list.

If the higher tariffs come back, it could cause problems in global markets, just like it did in April when the original high tariffs were first announced. That earlier decision led to market drops and concern from leaders and investors around the world.

Some officials in Trump’s team say the deadline could still move, but for now, unless the executive order is changed, the old tariffs will return in less than two weeks.

There’s also a legal issue—back in May, a federal trade court said Trump may not have had the power to set those tariffs in the first place. But that decision is currently on hold by an appeals court.