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Trump May Extend Tariff Deadlines, Aiding South Korea and China

6/27/2025

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Summary

Story summary

President Trump is considering extending the July 8 and 9 deadlines for reimposing tariffs on imports, as they are deemed "not critical." Press Secretary Karoline Leavitt emphasized that Trump has the option to negotiate directly with countries if agreements aren't finalized. This potential extension could provide a lifeline to nations like South Korea and China, who are actively engaging in discussions with the U.S.

History

Historical Context

The Smoot-Hawley Tariff Act of 1930 raised U.S. tariffs on over 20,000 goods, triggering retaliatory tariffs and contributing to a 66% decline in global trade, exacerbating the Great Depression. In 2025, President Trump's proposed tariffs echo this protectionist history, potentially destabilizing U.S. economic relations with countries like South Korea and China, highlighting the ongoing risks of trade tensions.

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Story summary

President Trump is considering extending the July 8 and 9 deadlines for reimposing tariffs on imports, as they are deemed "not critical." Press Secretary Karoline Leavitt emphasized that Trump has the option to negotiate directly with countries if agreements aren't finalized. This potential extension could provide a lifeline to nations like South Korea and China, who are actively engaging in discussions with the U.S.

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