"August 1, not 100% certain," said Trump...just one day later: "No extension"

Source
Korea Economic Daily

Summary

  • President Trump confirmed that tariffs will be imposed starting August 1 as originally scheduled.
  • He mentioned the possibility of an extension the day before, but reversed his stance just a day later.
  • Former Deputy Assistant Secretary Ryan Majerus noted that President Trump is trying to maximize negotiating leverage after the three-month negotiation grace period.

Trump hints at extension, then reverses statement

United States President Donald Trump announced on the 8th (local time) that the tariff imposition deadline scheduled for August 1 would not be postponed. He asserted that the date specified in the 'tariff letter' sent the previous day to 14 countries, including South Korea and Japan, was final.

On SNS, President Trump emphasized, "In accordance with the letter sent to several countries yesterday, tariffs will begin to be imposed starting August 1," and "This date has not changed and will not be changed going forward."

This stance is opposite to what he said a day earlier. The previous day, when asked by reporters, "Is the imposition of tariffs definitely set for August 1?" President Trump replied, "I'm firm, but I wouldn't say 100% firm," and added, "If they call and say 'we want to do things differently,' we remain open to that."

To another question, "Is this the final proposal as stated in today's letter?" he replied, "I would say it’s final, but if they (the negotiating counterparties) call with another proposal and I like it, then I would (make a change)."

Ryan Majerus, former U.S. Deputy Assistant Secretary of Commerce, pointed out, "(After the reciprocal tariffs were announced in April) since three months of negotiation for a grace period have not produced the desired outcome, Trump is now trying to maximize his negotiating leverage."

Reporter Dayeon Lim allopen@hankyung.com

publisher img

Korea Economic Daily

hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
What did you think of the article you just read?