Trump confirmed that the August 1 tariff deadline is final

President Trump on Tuesday said there would be no exceptions, no changes, and no extensions to his August 1, 2025 deadline for all countries to start paying the full set of reciprocal tariffs, confirming that the White House is done entertaining further delays.

According to a post shared on his Truth Social account, Trump wrote:

“TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted.”

The statement comes just one day after his administration started sending out fresh tariff notices to foreign governments who have not reached new trade agreements with Washington.

While Monday was initially seen as the final day for talks, those letters were followed by an executive order issued the same evening that quietly pushed the deadline forward by three more weeks. The decision offered trading partners some additional time to negotiate deals and avoid facing the new tariffs.

But by the time Tuesday rolled around, Trump appeared to shut that door for good. When asked by reporters if he might still consider delaying the date, he briefly said Monday night that the deadline was “not 100% firm” and hinted that the US would still consider further concessions if serious offers came in. However, that ambiguity didn’t last long.

White House tries to downplay inflation fears

Stephen Miran, who chairs Trump’s Council of Economic Advisers, appeared Tuesday on CNBC’s Squawk Box to respond to concerns that the upcoming tariffs could drive up prices. He compared the odds of a price spike to the chances of a space rock hitting the planet. “Rare events happen. We get pandemics or, or meteors or whatever,” Stephen said. “There’s just no evidence thus far of it happening.”

When anchor Melissa Lee challenged the comparison and pointed out that he was calling tariff-related inflation a freak event, Stephen replied: “I don’t mean to be dismissive. All I mean to say is that prediction is difficult, and we should always speak in terms of odds and possibilities.” He added, “I don’t have a crystal ball telling me the future, and neither does anyone else.”

Stephen used the interview to plug a fresh internal report from the council, claiming the tariffs haven’t yet caused the inflation spike that many economists warned about. The data covers the months between December 2024 and May 2025 and shows that prices for imported goods actually dropped during that time. He pointed out that both CPI and PCE, the two main US inflation indexes, either held steady or moved only slightly.

Economists say prices could still rise soon

Despite what Stephen said, analysts across D.C. and Wall Street are still watching for a delayed price impact. Some products have already seen cost increases tied to tariffs. But overall, inflation hasn’t spiked yet, and there are many reasons why.

First, the most extreme “liberation day” tariffs haven’t taken effect yet because Trump’s team kept delaying them. Second, tariffs often take time to filter through the supply chain. And third, companies rushed to stockpile goods earlier this year, which has temporarily helped to stabilize prices.

When asked if price hikes were inevitable, Stephen circled back to his meteor metaphor. “Won’t it come eventually?” he repeated the anchor’s question, then said, “I mean, sure, eventually, you know, a meteor is going to strike or whatever. But we’ve been waiting many months now, and that evidence has just not emerged.”

As for the new tariff deadline, it’s now just a few weeks away. Trump’s statement was clearly intended to send a warning: countries that haven’t reached a deal by August 1 will be hit with full duties. And based on the tone of Tuesday’s post, the administration is not interested in hearing more excuses.

The final report released by the council said that starting in March, the cost of imported components dropped while total prices either stayed flat or edged up slightly.

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