President Donald Trump has confirmed that his new August 1 deadline for implementing trade tariffs on foreign products will not be changed. In a message posted on his Truth Social platform, the U.S. President added that his administration would send additional letters to leaders of other foreign countries “today, tomorrow, and in the coming days,” building on the 14 letters announced yesterday.
Tariffs to Boost US Revenue
“Tariffs, as you know, are starting to reach record levels, and a lot of money will come into our country,” President Trump stated during a cabinet meeting. These comments were accompanied by criticism of his predecessors.
EU Praised Amidst Impending Tariffs
Trump also had some words for the European Union: “The EU is treating us very well now.” Donald Trump made this remark during a government meeting, reporting on his contacts with the European Commission president and announcing that “we are probably two days away from sending the letter to the EU” that will specify the amount of duties on European exports.
Treasury Secretary Scott Bessent said there would be “$100 billion in revenue starting from the second quarter,” adding: “we can expect it to be over $300 billion by the end of the year.” Citing a Congressional Budget Office report, Bessent projected that tariff revenues could reach $2.8 trillion over the next 10 years.
