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1. Extends tariff rates

U.S. President Donald Trump holds up a chart of "reciprocal tariffs" while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as “Liberation Day”, Trump is expected to announce additional tariffs targeting goods imported to the U.S.
U.S. President Donald Trump holds up a chart of "reciprocal tariffs" while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025 in Washington, DC. Touting the event as “Liberation Day”, Trump is expected to announce additional tariffs targeting goods imported to the U.S. | Getty Images/Chip Somodevilla

Trump signed an executive order on Monday extending certain tariff rates that were initially set to expire on Wednesday to instead expire on Aug. 1.

Additionally, Trump sent tariff letters to multiple countries informing them of their new reciprocal tariff rates, which are scheduled to take effect on Aug. 1.

In a White House Fact Sheet, the administration noted that while "dozens of countries have agreed or offered to lower their tariff rates and eliminate non-tariff barriers to move toward a more balanced trade relationship with the United States," the U.S. trade deficit "remains severe."

"While the United States is open to additional trade discussions and deals, President Trump is taking action to establish trade relations going forward," stated the White House.

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