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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Russia has confiscated 3.9 trillion roubles (about $50 billion) in company assets since 2022, signalling a decisive shift towards a 'fortress Russia' economic model, the Kommersant business daily reported on Wednesday.
A Ukrainian drone strike on a beach in the Russian city of Kursk has killed at least three people, including a member of Russia’s National Guard, and left seven others injured, regional authorities reported early Wednesday.
A major rescue operation was underway on Wednesday to locate missing crew members from the Eternity C, a cargo vessel that sank in the Red Sea following a series of attacks that left at least four crew members dead.
At least nine people have died after a bridge collapsed over a river in the western Indian state of Gujarat on Wednesday, according to local police quoted by the Press Trust of India.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
European Commission President Ursula von der Leyen urged stronger sanctions and defence support for Ukraine as the EU's 18th sanctions package against Russia nears approval.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
Archaeologists have uncovered a 3,500-year-old city in northern Peru that likely served as a key trade hub connecting ancient coastal, Andean, and Amazonian cultures.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
An integrated mountain agropastoral system in Tajikistan has become the first Central Asian addition to the Globally Important Agricultural Heritage Systems (GIAHS), - the Food and Agriculture Organization of the United Nations (FAO) announced.
Former UK Prime Minister Rishi Sunak is returning to Goldman Sachs as a senior adviser, the investment bank said on Tuesday.
Russia's budget deficit reached 3.69 trillion roubles ($46.89 billion), or 1.7% of gross domestic product (GDP), in the first half of the year, the same as expected for the full year, the finance ministry said.
Norway has listed two Russian fishing companies, Norebo JSC and Murman Seafood, in line with European Union sanctions adopted on 20th May. The Norwegian government stated that the decision supports the country’s broader security policy objectives.
US President Donald Trump has declared a 25% tariff on imports from Japan and South Korea starting August 1, urging both nations to shift production to the US and warning of further tariff hikes if retaliatory measures are taken.
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