Trump says 'no extensions' on Aug. 1 tariff deadline

U.S. President Donald Trump speaks during a meeting with Democratic Republic of the Congo's Foreign Minister Therese Kayikwamba Wagner and Rwanda's Foreign Minister Olivier Nduhungirehe in the Oval Office at the White House in Washington, June 27. Reuters-Yonhap

WASHINGTON — U.S. President Donald Trump on Tuesday reiterated his administration's plan to start imposing "reciprocal" tariffs on South Korea and other countries on Aug. 1, highlighting that there will be no deadline extensions.

Trump made the remarks in a social media post, a day after he sent letters to Korea, Japan and a dozen other trading partners to notify them that the steep country-specific tariffs on their products will go into effect on Aug. 1.

The countries construed the letters as an effective extension of a negotiation deadline as reciprocal tariffs were initially set to take effect Wednesday following a 90-day pause.

"TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change," Trump wrote on Truth Social.

"In other words, all money will be due and payable starting AUGUST 1, 2025 -- No extensions will be granted." he added.

In Monday's letter to South Korean President Lee Jae Myung, Trump said that the U.S. will start imposing 25 percent tariffs on all South Korean products on Aug. 1.

On April 2, Trump announced reciprocal tariffs in a drive to address trade barriers to American exports based on his view that America has been "ripped off" by "both friend and foe" for decades.

The tariffs took effect on April 9, but Trump placed a 90-day pause on them that same day to allow time for negotiations amid concerns that new tariffs would destabilize financial markets, slow economic growth and increase prices.