“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,” President Donald Trump wrote in a Truth Social post on Tuesday.

President Donald Trump on July 7 threatened to impose 25 percent tariffs on Japan and South Korea, and levies as high as 40 percent on 12 other countries, if they did not reach a deal by Aug. 1.

The European Union aims to swiftly secure a trade agreement with the United States to alleviate economic uncertainty caused by potential tariffs. Despite the U.S. extending the deadline to August 1, the EU is pushing for a deal this week,

The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

The European Union still aims to reach a trade deal with the United States by July 9 after Commission President Ursula von der Leyen and U.S. President Donald Trump had a "good exchange", a Commission spokesperson said on Monday.

President Donald Trump said he would not offer any extensions for the implementation of increased tariffs on many goods imported into the US, pledging that new rates would hit at the beginning of August.