Commerce Secretary Howard Lutnick confirmed August 1, 2025 as 'hard deadline' with 'no extensions, no more grace periods' for universal tariff implementation across all trading partners

Baseline tariffs set at 10% for smaller countries including Latin America, Caribbean, and many African nations, with 'bigger economies' facing higher rates or market access demands

Trump sent letters to 25 major trading partners including Canada, Mexico, European Union announcing tariff rates, with some countries facing up to 40% levies on exports

National Economic Council Director PNPeter Navarro confirmed every imported product from electronics to food faces immediate price increases representing largest consumer tax hike since 1930

Yale Budget Lab calculates Americans face highest tariff rates since 1910, with average household cost of $2,800 annually—$3,200+ for typical families under expanded coverage

Only Indonesia among dozens of countries receiving letters made nominal deal for better rates, though final agreement details remain unclear according to administration officials

CBS News polling released July 20 shows 60% of Americans oppose new tariffs, 61% believe administration puts too much emphasis on tariffs versus other economic policies

Lutnick forecasts tariff revenue of $700 billion to $1 trillion annually, though current collection runs less than $30 billion monthly—roughly half his projections

European Union threatens 30% retaliatory tariffs on U.S. exports starting August 1, up from 20% rates briefly imposed April 2025 before temporary suspension

Canada's Prime Minister told press little evidence exists for avoiding tariffs through negotiations, despite 75% of Mexico-Canada trade covered by USMCA exemptions

Trump specifically targets fentanyl and border security from Canada, threatening tariffs on 25% of goods not covered by USMCA trade agreement

Market analysts describe 'TACO trade' phenomenon—'Trump Always Chickens Out'—fueling stock surge since spring, but Lutnick insists August 1 deadline firm