President Donald Trump’s postponement of a sweeping tariff deadline to 1 August has renewed hopes for trade deals with key partners, but left smaller exporters and businesses grappling with uncertainty.
Trump’s extension, described as a “final warning” to 14 countries facing tariffs of up to 40%, reflects his frustration with slow-moving negotiations. “No extensions will be granted,” he said on Tuesday, after previously signalling the original deadline of 9 July.
The move offers a temporary reprieve to countries such as Japan and South Korea, which are actively negotiating exemptions. Japanese Prime Minister Shigeru Ishiba said his government would seek a deal that protects national interests, particularly for the automotive sector. South Korean President Lee Jae Myung also pledged to intensify talks, though analysts noted he would avoid major concessions.
Former U.S. trade officials said Trump, who also unveiled a 50% tariff on copper and warned of impending levies on pharmaceuticals and semiconductors, prefers direct tariffs to prolonged trade talks.
“This is an added threat—he’s put a new number to it and extended the deadline,” said William Reinsch, a senior trade adviser at the Center for Strategic and International Studies.
Smaller countries such as South Africa, Thailand and Malaysia face higher rates—30%, 36% and 25% respectively—without clear prospects for relief. South Africa has challenged the justification, noting its average tariff is just 7.6%, but said it would resume urgent talks with U.S. officials.
The European Union, which did not receive a new letter or change to its 20% rate, may be pursuing a carve-out deal similar to that agreed with the UK, including exemptions for aircraft, auto parts and medical equipment.
Stephen Miran, chair of the White House Council of Economic Advisers, told Fox News more deals could be finalised before the end of the week if sufficient concessions are made.
But the evolving policy has left businesses in limbo. German firm Lapp Holdings said shifting tariffs had paralysed supply chain decisions. “We are already incurring losses simply because of the uncertainty,” said CTO Hubertus Breier.
California furniture maker DeMejico is also under strain from steel tariffs. President Robert Luna said the firm was importing components separately to manage rising costs and warned further duties on Mexico could threaten its future. “My biggest worry is just keeping the company alive,” he said.
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