Tariff deadline nears as US weighs extensions

President Donald Trump announced Wednesday that he plans to send letters to major US trading partners in the coming weeks. He outlined unilateral tariff rates and offered what he described as a “take it or leave it” trade proposition.

“At a certain point, we’re just going to send letters out,” Trump told reporters at the Kennedy Center. “And I think you understand that, saying this is the deal, you can take it or leave it.”

Tariff deadline nears as US weighs extensions

Trump’s comments arrive just days before a July 9 deadline, when a temporary pause on the president’s steepest tariffs is set to expire. While the pause had initially provided markets with a measure of stability, Trump’s latest remarks injected fresh uncertainty into the outlook for global trade.

Earlier in the day, Treasury Secretary Scott Bessent told the House Ways and Means Committee that it is “highly likely” the administration will extend the tariff freeze for nations negotiating in “good faith.”

“There are 18 important trading partners — we are working toward deals on those,” Bessent said. “It is highly likely that those countries…will see the date rolled forward.”

In a significant development, the US and China reached a tentative framework for easing trade tensions, including an implementation plan. Trump called the deal “done,” pending formal approval by both him and Chinese President Xi Jinping. The agreement reportedly addresses long-standing concerns over China’s export controls on rare earth minerals and magnets, though sources later clarified China would only relax restrictions for six months.

In a notable concession, Trump also announced the US would continue allowing Chinese students to study at American universities — a contentious point in recent talks.

Tariff policy sparks legal battles

Trump said that the total tariffs on Chinese imports would reach 55%, a figure that reportedly includes existing tariffs rather than any new levies. According to Yahoo Finance’s Ben Werschkul, the number was derived by aggregating the full scope of current duties.

While Trump’s sweeping tariff agenda has faced legal challenges, the administration scored a legal win this week. A federal appeals court overturned a lower court’s ruling that had blocked the tariffs, allowing them to remain in place temporarily. The US Court of International Trade had earlier declared the methods used to enact the tariffs as “unlawful.”

As the July 9 deadline approaches, pressure is mounting on foreign governments and global markets to interpret Trump’s mixed signals. The threat of unilateral action and the uncertain fate of ongoing trade negotiations leaves little clarity on what US policy will look like in the coming weeks.

For now, all eyes are on Washington and the letters Trump has promised to send. Whether they open a new chapter in international trade relations or trigger a wider backlash remains to be seen.