Trump Downplays Aug. 1 Tariff Hit, Tells Nations ‘Keep Working Hard’

President Donald Trump offered little specific guidance to U.S. trade partners ahead of the 1 August tariff deadline, telling reporters on Friday that his advice is simply to “keep working hard” and that “it’s all going to work out.” The administration’s latest round of levies will impose duties as high as 50% on imports from dozens of countries, including major suppliers such as Brazil, Japan and South Korea. The measures cover a wide range of goods and follow earlier accords that locked in 20% tariffs on all Vietnamese products and 30% tariffs on nearly all Chinese exports. Economists warn the new taxes could ripple through consumer prices. A Yale Budget Lab analysis projects the tariffs will add roughly $2,400 to the average U.S. household’s annual expenses. Coffee, clothing, footwear and copper-intensive items such as electric vehicles and home hardware are expected to see some of the steepest increases, according to supply-chain experts at the University of California, San Diego, and Michigan State University.